I'm blue, Da-ba-dee, A-di-das... Stan Smith legend Adidas saw its profits fall 96% last quarter — the sportswear brand blamed the fact that 70% of its global stores were shut. According to Adidas' CEO, sales abruptly fell off a cliff mid-March. A 35% jump in online sales wasn't enough to offset massive in-store losses — Now Adidas predicts sales will plunge another 40% over the next 3 months.
Not the good kind of burn... Plane-making giant Boeing burned through $4.7B last quarter, as coronavirus losses and 737 Max issues continue to widen the gap between how much money it's shelling out (a lot) and how much it's bringing in (not much). It only delivered 50 planes, compared to 149 during the same period last year. And Boeing still has big bills to pay each month — that's why it just raised $25B in debt on top of the $15.5B in cash it already had. It's eager to prove to investors that it won't have a layover in Chapter 11 bankruptcy.