Adidas has warned of an even greater hit to second-quarter sales and profits, as global coronavirus lockdowns take affect.
The news comes after the German sportswear company reported worse-than-expected first-quarter results and said it had not yet seen a full rebound in China, despite the market beginning to return to normal.
The company warned of a possible 40% fall in second-quarter sales and a drop in second-quarter operating profit, with Chief Executive Kasper Rorsted informing journalists that the company had "already lost more than €1 billion of sales in April".
Adidas reported that 60% of its business was currently at a standstill, with more than 70% of its stores closed worldwide and all big sporting events including the Tokyo 2020 Olympics and Euro football tournament either postponed or cancelled.
E-commerce sales, which last year represented 13% of the total group sales, are growing fast, particularly in China, but are not enough to compensate for the dramatic loss of in-store sales.
Adidas was forced to suspend dividend payments as a condition for a government-backed loan earlier this month to get it through the crisis as it burns cash.
The company also said it would push back the presentation of a new five-year strategic plan to March 2021, from November 2020.
TheIndustry.fashion has released an In Focus report into the COVID-19 consumer, looking at how fashion shopping is being changed for good.