Adidas AG Q1 2021 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 : I just have a couple, just firstly on China and the consumer boycott. I was just hoping you could quantify just how much of a negative impact that had been to China from the end of March to date. And what assumption you have for China embedded in that Q2 guidance of 50% growth? Just so we get a sense of the size of the headwind and also how strong you're performing elsewhere. And are you currently ceasing any product launches and marketing in the region? And if so, when will that resume? And then just secondly on inventory, you exited Q1 in a very healthy position, which is encouraging. But given the disruption in China alongside the continued lockdowns we're seeing in Europe, I just wondered if you foresee any challenges with inventory build again, and whether you think there's a risk that the promotional environment could, in fact, intensify again in China and Europe?

Question: Jurgen Kolb - Kepler Cheuvreux, Research Division - Analyst : Just one question. With respect to the Capital Market Day, you talked about and you introduced the second sportswear line, sportswear as between Performance and Originals. And I was wondering if you could share some feedback from retailers how that collection has been received and in what stage you are from that collection?