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Adidas posts strong recovery in Q3 but fears further COVID-19 hit

Adidas has reported an improved third quarter as it continues to recover from the impacts of the COVID-19.

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Adidas posts strong recovery in Q3 but fears further COVID-19 hit

Adidas reported an operating profit improvement of more than €1.1billion, compared to the last quarter (Q2), as it continues to recover from the COVID-19 pandemic’s financial impact on the company.

The German Sportswear brand giant recorded “strong sequential revenue improvement in the third quarter” as 90% of the company’s own-retail stores were open and working, where most of them were closed during the first wave of the pandemic which hard hit the last quarter.

READ: Nigeria secures landmark judgement, gets major relief in P&ID $10 billion dispute

According to SportsProMedia, revenues for three months ending 30th September, slightly decreased 7% to €5.964 billion compared to €6.410billion made in the same time last year.

Third-quarter net income attributable to shareholders declined 15.5 percent to 546 million euros from last year’s 646 million euros.

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“We saw a strong recovery in our business in Q3. Our focus on healthy inventories, profitable sell-through and disciplined sell-in clearly paid off: inventories declined by more than half a billion euros and our full-price share in e-com increased at a double-digit rate,” the company said.

READ: FG to provide financial support for 1.7 million businesses, individuals in next 3 months

For e-commerce, Adidas saw a gain of 51% on a currency-neutral basis, the gain was accompanied by a strong increase in full-price sales. Its direct-to-consumer business advanced 13% in currency-neutral terms, accounting for 35% of total sales in the quarter. Its wholesale business climbed “sharply” but was still below that of last year.

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Market segments showed a sequential recovery compared to the second quarter, where sales in Russia increased by 11%, sales in Europe also increased by 4%.

READ: Shell to cut 9,000 jobs globally due to oil price crash as it shifts to clean energy

However, amidst fears of a second wave of the pandemic, the fourth quarter is forecasted to decline. There are uncertainties around the further development of the coronavirus pandemic. With surging numbers of Coronavirus cases in several of its major markets, there are new lockdown measures.

Overall, the company’s top line is predicted to develop similarly in Q4 as it did in Q3, implying a low-to mid-single-digit currency-neutral revenue decline.

READ: AIICO Insurance  Plc posts N5.2 billion profit In 9M 2020, up by 17%

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“At the same time, we kept costs under control and delivered a profit improvement of more than € 1.1 billion compared to Q2,” said Adidas CEO Kasper Rorsted. “Our teams around the globe drove this improvement with dedication and passion. As the coronavirus pandemic is unfortunately far from being over, it remains our top priority to keep everyone healthy and safe.“

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Obituaries

Diego Armando Maradona is dead

Argentine football star, Diego Armando Maradona is dead.

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Argentine football star, Diego Armando Maradona is dead.

This was disclosed by the Premier League via its Twitter handle on Wednesday evening.

It tweeted, “We are deeply saddened to hear of the passing of footballing great, Diego Maradona, an extraordinarily gifted footballer who transcended the sport.

“Our thoughts and sincere condolences to Diego’s family, friends and those who knew him.”

He reportedly died of a heart attack on Wednesday at his home in the outskirts of Buenos Aires.

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Maradona, 60, had recently battled health issues and underwent emergency surgery for a subdural haematoma several weeks ago.

 

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Details soon …

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Sports

Premier League football fans set to resume stadiums on December 2nd

British Prime Minister says football fans will be permitted to resume stadiums when the national lockdown ends on December 2.

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Premier League football fans set to resume stadiums on December 2nd, UK: Premier League, other Elite Sports to continue amid lockdown, Boris Johnson, United Kingdom, US, China and UK’s protectionism ambition to affect Nigeria’s export, FDI, UK Prime Minister diagnosed of Coronavirus

After several failed attempts and trials to get sports spectators and fans into the stadium, Prime Minister Boris Johnson has finally announced yesterday in a virtual statement that fans will be able to return to football stadiums as from December 2nd.

Premier League and football league matches have been played behind closed doors since the outbreak of the virus in March.

READ: Laliga clubs set for financial setback as government orders termination of betting sponsorships

Spectators were scheduled to return to stadiums from 1st October, but the sudden increase of infections in Europe led to the UK’s second major lockdown which was put in place on November 5.

The results of matches being played behind closed doors led to a major hit in the matchday revenues, which makes up a big part in the overall revenue of the clubs in England. This had a major impact on the revenues’ of clubs where they were hit with big debts.

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In tiers 1 and 2, spectators of sports and business events would be free to resume inside and outside with capacity limits and social distancing,” Johnson announced in a virtual statement.

READ: EPL clubs to be fined £37 million each over suspension of matches

However, the Prime Minister did not confirm the capacity limits or percentages of the fans to be allowed, but the UK Culture Secretary, Oliver Dowden, later outlined on Twitter that 4,000 spectators or 50% capacity limits, whichever is the lowest would be placed in tier-1, dropping to 2,000 or 50 per cent for indoor venues, while in tier-2, it will be 2,000 outdoors and 1,000 indoors, or 50 per cent capacity.

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The Premier League welcomed this development and released a statement saying: “Fans have been greatly missed at Premier League matches and therefore we welcome the Prime Minister’s announcement today regarding the return of supporters for the first time since March, albeit at small numbers.

READ: Football: Manchester United net debt rises by 133% to £474.1million

Our ambition remains to work with Government to increase attendance to more substantial levels. Until this can be done, many fans will be unable to attend games and our clubs will continue to operate matches at a financial loss.

“Premier League clubs have a proven track record of achieving high-biosecurity standards and we believe we can play a significant role in the Government’s rapid turnaround testing initiative.”

READ: European Champions, FC Bayern Munich taps into blockchain

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“We look forward to working with Government on their next steps.”

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However, news reaching us this evening is that Premier League fans will NOT be allowed to sing, shout or drink alcohol when they can finally return to the stadiums. It is not confirmed yet, but we will keep you updated.

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Sports

CAF President banned for 5 years for breaching FIFA Code of Ethics

CAF President has been sanctioned with a 5 years ban after being found guilty of breaching FIFA Code of Ethics.

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Mr. Ahmad Ahmad, the President of Confederation of African Football (CAF), African’s football governing body, has been sanctioned with a 5 years ban from all “football-related activities (administrative, sports or any other) at both national and international level” after being found guilty of breaching FIFA Code of Ethics by the adjudicatory chamber of the independent Ethics Committee.

The 60-year-old Malagasy assumed office as the President of the Confederation of African Football (CAF) on 16th March, 2017.

His position also makes him a FIFA Vice President. Since his assumption of office, his four-year term has been clouded with allegations of financial wrongdoing and misconduct.

Mr. Ahmad was found guilty by the adjudicatory chamber of the independent Ethics Committee of having breached art. 15 (Duty of loyalty), art. 20 (Offering and accepting gifts or other benefits), and art. 25 (Abuse of position) of the 2020 edition of the FIFA Code of Ethics, as well as art. 28 (Misappropriation of funds) of the 2018 edition. In addition, a fine in the amount of CHF 200,000 (#83,754,093.14) was imposed on him.

However, Ahmad can appeal his sanction at the Court of Arbitration for Sport (CAS) once he has received the full grounds for the decision, a process that can take up to 60 days.

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Fifa released the following statement on the matter today:

The adjudicatory chamber of the independent Ethics Committee has found Ahmad Ahmad, the President of the Confederation of African Football (CAF) and a FIFA Vice-President, guilty of having breached art. 15 (Duty of loyalty), art. 20 (Offering and accepting gifts or other benefits) and art. 25 (Abuse of position) of the 2020 edition of the FIFA Code of Ethics, as well as art. 28 (Misappropriation of funds) of the 2018 edition.”

“The investigation into Mr. Ahmad’s conduct in his position as CAF President during the period from 2017 to 2019 concerned various CAF related governance issues, including the organization and financing of an Umrah pilgrimage to Mecca, his involvement in CAF’s dealings with the sports equipment company Tactical Steel and other activities.”

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“In its decision, following an extensive hearing, the adjudicatory chamber ruled that, based on information gathered by the investigatory chamber, Mr. Ahmad had breached his duty of loyalty, offered gifts and other benefits, mismanaged funds and abused his position as the CAF President, pursuant to the FIFA Code of Ethics.”

“Consequently, the adjudicatory chamber found that Mr. Ahmad had breached arts 15, 20 and 25 of the current edition of the FIFA Code of Ethics, as well as art. 28 of the 2018 edition, and sanctioned him with a ban from all football-related activity (administrative, sports or any other) at both national and international level for five years. In addition, a fine in the amount of CHF 200,000 has been imposed on Mr. Ahmad.”

“The terms of the decision were notified to Mr. Ahmad today, the date on which the ban comes into force. In accordance with art. 78 par. 2 of the FIFA Code of Ethics, the full, motivated decision will be notified to Mr. Ahmad in the next 60 days, after which it will be published on legal.fifa.com.”

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