adidas expects a loss of €1 billion (approximately $1.14 billion) in sales in China because of the coronavirus, Business Insider reports.

In a statement released yesterday, the German sports company said the outbreak has hit the brand particularly hard after it closed a significant number of stores in mainland China, Taiwan, and Hong Kong.

adidas said it expected first-quarter sales to drop by up to $1.14 billion in greater China, while profit may fall by as much as €500 million (approx $560 million). adidas notes that it makes almost a third of its sales in Asia.

Puma is facing a similar setback. The brand has recorded a big fall in sales and said it no longer expects its business will return to normal soon. Shares in adidas and Puma have already pummelled 6.3 percent and 3.8 percent respectively in the last weeks.

Head over to BI for the full report.

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