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Getty Images. As a result, the company had a cash position of € 1.975 billion at March 31, 2020, around two-thirds of which is held at adidas AG and hence is directly accessible. “They want to stay fit and healthy through sports.”The German sportswear giant reported net profits for the period of €20 million (US$21.5 million) compared to €631 million (US$681.3 million) a year ago, with more than 70 per cent of its physical stores currently closed due to the global health crisis. Net debt amounted to € 570 million at March 31, 2020 (March 31, 2019: net cash of € 908 million). “Regardless of the impact on our business, it remains our top priority to ensure the health and safety of our employees and their families.”© 2020 Penske Media CorporationGreater China accounts for 20% of Adidas business, and with store closures and traffic declines in late January through February, the company said it expects revenue in China of 800 million euros to 1 billion euros ($906 million to $1.13 billion) lower than last year.The German sportswear brand reported fourth-quarter and full-year 2019 results on Wednesday, but its top-line gains were overshadowed by its warnings about the fallout from COVID-19, which so far has afflicted 121,564 globally and killed 4,373. Its Reebok brand returned to growth, with revenues up 2% over the previous year, driven by substantial growth in its direct-to-consumer channels, where revenue was up 18%. Adidas is forecasting a revenue impact of as much as $1 billion in the first quarter of 2020 due to sales declines in China during the first months of the coronavirus outbreak. The Global Baselayers Market research report 2020-2026 is an elementary and professional detailing of the essential elements driving the Baselayers market growth rate and the revenue statistic of the specific industry. The warning is no doubt a prelude to similarly bleak announcements from other brands in the sector. Adidas has seen its net profit for the first quarter of 2020 fall by 97 per cent as a result of the coronavirus pandemic. Net income from continuing operations grew 15% to 1.97 billion euros ($2.23 billion), while earnings per share were up 18% to 9.97 euros ($11.25).Adidas shares were down more than 13% as of 11 a.m. ET.Adidas updated its full-year outlook, forecasting that currency-neutral sales will increase 6% to 8%, operating margin will increase 11.5% to 11.8% and net income from continuing operations will increase 10% to 13%. The impact has been particularly severe in China, where the virus originated, with tens of millions of people ordered to stay home or restrict travel. Nike rival Adidas reported that earnings fell by almost 100% in the first quarter due to the impact of coronavirus, and it sees the situation worsening in Q2.. X.