Adidas AG recorded major losses in the second quarter as the coronavirus pandemic shuttered many of its locations and caused a decline in foot traffic to stores.

“The past quarter brought unprecedented challenges for our business as large parts of the world were in lockdown. I’m grateful for the relentless and agile efforts of our teams, which enabled us to take the right actions for our consumers, our partners and the company. We addressed the challenges and went after opportunities, as reflected in our e-com business nearly doubling in Q2. We are now seeing the light at the end of the tunnel as the normalization in the physical business continues, with the vast majority of our stores being operational again.”

-adidas CEO Kasper Rorsted-

For the three months ended June 30, the sportswear giant incurred a net loss of 306 million euros, or $362 million at current exchange, compared with the prior year’s income of 462 million euros. It logged a loss of 1.45 euros per share, or $1.72, versus earnings per share of 2.33 euros last year. Revenues dropped 35% to 3.58 billion euros, or $4.24 billion. Market watchers had predicted a loss of $1.62 per share and revenues of $3.34 billion.

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