Adidas Forecasts a Sharp Rebound

Frankfurt Main, March 10 (AFP/APP): German sportswear group Adidas said Wednesday its profits dived 78 percent in 2020 after being pummelled by the coronavirus pandemic, but forecast a sharp rebound ahead.

The Bavaria-based company, which is trying to sell its struggling US subsidiary Reebok, reported its net profits fell to 432 million euros ($513 million) last year from 1.97 billion euros in 2019. It also saw sales drop 16 percent to 19.8 billion euros.

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