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% rath…
BERLIN – 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.
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. Adidas expects its currency-neutral revenue to grow at a low-single-digit rate in 2022 following their leave from Kanye West’s Yeezy brand.Adidas 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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