German shoemaker adidas has reported a 97 per cent decline in its net profit for the first quarter of 2020 fall due to the ongoing global pandemic. The net profit for the year was reported to be $21.5 million compared to $681.3 million a year ago, with more than 70 per cent of its offline stores currently shut.

The brand has, however, seen a 55 per cent increase in online sales in March and a 35 per cent rise for the first quarter overall, even as the rise in online sales failed to prevent the brand’s revenue fall by 19 per cent to €4.75 billion.

Revenue and profit is predicted to be significantly worse in the second quarter. adidas, meanwhile, opted not to give full-year guidance due to the uncertainty created by the pandemic.