Adidas now expects its currency-neutral revenue to grow at a low-single-digit rate in 2022. theSun theSundaily Adidas KanyeWest revenue low
An Adidas logo is pictured inside a shoe before the company annual general meeting in Fuerth near Nuremberg, Germany, May 11, 2017. REUTERSPIX: Adidas further slashed its outlook for 2022 on Wednesday as it weighed the impact of its split from Ye, the rapper formerly known as Kanye West, while sluggish demand in China continued to impact sales.
Adidas now expects its currency-neutral revenue to grow at a low-single-digit rate in 2022, down from a previously forecast mid-single-digit rate. It expects an operating margin of around 2.5% rather than 4%. Shares in Adidas fell by 2.8% after the results announcement, with Credit Suisse analysts counting the company's future challenges as elevated inventory, deteriorating brand momentum, elevated competition in China, long lead-times in sporting goods and the loss of Ye's Yeezy brand.
These challenges will fall to new chief executive Bjorn Gulden to address. Gulden is set to replace Kasper RorstedAdidas reported a 27% drop in cross-company revenue in the Chinese market in the third quarter, also pointing to persistent challenges there posed by Covid restrictions. It posted net income from continuing operations of 66 million euros, revising down its preliminary figure by almost two-thirds following the end of the Ye partnership.
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