APPAREL

➡ Many Americans are now wearing sweatpants and gym shorts all day, but that doesn’t necessarily mean they’ve been buying sports apparel. After all, if you’re exercising at home, is it really that important that you look good while you do it? Adidas reported a North American sales decline of 38 percent in the spring quarter, while Under Armour sales were down 45 percent in North America. And delayed sporting events— like the Euro 2020 soccer tournament and the Tokyo Olympics—have posed even greater challenges for manufacturers. With stores open again, these companies have survived the sales disaster of the spring. But Adidas CFO Harm Ohlmeyer warned investors that reopening alone won’t be enough to reclaim profits—he expects that elevated unemployment will be a drag on sales for as long as it persists. That said, Lululemon has fared better than its competitors so far: Sales in stores fell by half, but online sales rose 155 percent.