Half Year 2020 Adidas AG Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Graham Ian Renwick - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Just have 2, please. Just firstly, on current trading. You mentioned July improved sequentially versus June. Are you able to give some more detail on what the revenue decline in June was? And can you quantify the sales improvement in July? And then also, could you give us a sense of how each region is performing within that? I think you already mentioned that China had moderated in July. And then on 2021, if we were to think of a scenario where 2021 revenues could recover to 2019 levels, which looks to be a fairly reasonable assumption given the path you're on. And then we assume you have clear inventories going into next year, so promotional activities normalize. Is there any structural reasons why your 2021 EBIT margin could recover back to 2019, so around 11.3% or possibly even higher, if you can have a more streamlined cost base going into next year.

Question: Jurgen Kolb - Kepler Cheuvreux, Research Division - Analyst : Two questions. First, on your learnings from the IT and the online business and the digitalization, where would you say you need additional support or where you have to build more expertise in order to bring this whole digital business even further in the next couple of years? And secondly, on your retail strategy, stores are opening. However, we're seeing at the same time that some of your retail partners had to go out of business. Does that alter your physical retail strategy in the future so that you might think about a new concept for physical and retail?