April 27, 2020 / 9:06 AM / a month ago

BRIEF-Adidas expects China sales to recover by end of Q2

April 27 (Reuters) - Adidas AG:

* ADIDAS SAYS 60% OF BUSINESS AT STANDSTILL DUE TO CORONAVIRUS

* ADIDAS SAYS RAISING ECOMMERCE TARGET FOR 2020 SALES TO MORE THAN 4 BILLION EUROS

* ADIDAS SAYS CHINA MARKET NORMALISING OVER TIME RATHER THAN INSTANTLY

* ADIDAS SAYS HAS PARTIALLY CANCELLED Q2/Q3 ORDERS TO ALIGN DELIVERIES WITH LOWER DEMAND

* ADIDAS CFO SAYS WILL PAY BACK ANY UNUSED PART OF GOVERNMENT-BACKED LOAN WHEN SITUATION NORMALISES

* ADIDAS CEO SAYS SAW TRIPLE-DIGIT GROWTH IN CHINA ECOMMERCE IN FIRST WEEKS OF APRIL

* ADIDAS CEO SAYS HAS LOST MORE THAN 1 BILLION EUROS OF SALES ALREADY IN APRIL

* ADIDAS CEO SAYS EXPECTS TO START REOPENING STORES IN NORTH AMERICA IN MID MAY, 20 STORES OPEN AGAIN IN EUROPE

* ADIDAS CEO SAYS EXPECTS THREE-DIGIT MILLION LOSS IN Q2

* ADIDAS CEO SAYS WILL PUSH BACK PRESENTATION OF NEW 5-YEAR PLAN TO NEXT MARCH FROM PREVIOUSLY PLANNED NOVEMBER

* ADIDAS CEO SAYS WILL LOOK TO REPLACE GOVERNMENT-BACKED LOAN AS SOON AS POSSIBLE WITH OTHER FINANCIAL VEHICLES

* ADIDAS CEO SAYS EXPECTS CHINA SALES TO BE BACK AT PREVIOUS LEVELS BY END OF Q2 Further company coverage: (Reporting by Frankfurt Newsroom)

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