Adidas misses forecasts with 93% profit plunge, warns on sales

BERLIN (Reuters) - Adidas reported a 93% plunge in first-quarter profit and sales off 19%, missing forecasts, and warned of a deeper hit to second-quarter revenue as lockdowns forced the German sportswear maker and other retailers to close stores.First-quarter operating profit fell to 65 million euros, well short of the 263 million expected by analysts.Adidas said it had taken a hit of around 250 million euros on unsold stock in greater China, purchase order cancellations and higher bad debt..