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China sales drop darkens Adidas outlook
by AFP Staff Writers
Frankfurt (AFP) July 26, 2022

German sportswear firm Adidas cut Tuesday its 2022 outlook due to an expected double-digit drop in Chinese sales for the rest of the year as Covid-19 lockdowns keep consumers out of shops.

The Nike rival now sees net profit for the year coming in at 1.3 billion euros ($1.3 billion) compared to its earlier forecast of between 1.8 and 1.9 billion euros.

Adidas said it now expects a mid- to high single-digit increase in sales for 2022, compared to an earlier forecast of a low double-digit increase.

While its second-quarter results were better than expected thanks to a strong performance in Western countries and a return to growth in Asia-Pacific markets, Adidas said China has disappointed so far in the third quarter which began at the start of this month.

It said "given the continued widespread Covid-19-related restrictions, Adidas now expects revenues in Greater China to decline at a double-digit rate during the remainder of the year."

Adidas said it has not experienced a meaningful slowdown or significant cancellations in other markets.

But it added that its adjusted guidance "also accounts for a potential slowdown of consumer spending in these markets during the second half of the year as a result of the more challenging macroeconomic conditions".

In the April-June quarter sales rose by four percent against the same period last year when stripping out currency fluctuations, with double-digit gains in North America and a strong performance in Europe once Russia is stripped out.

The preliminary results in euros showed a 10-percent increase in sales to 5.6 billion euros.

Net profit came in at 360 million euros for the quarter, down from 387 million for the same period last year, despite a one-time 100-million-euro tax benefit due to clawing back a provision.

Adidas releases its definitive results on August 4.

jpl/rl/imm

ADIDAS

NIKE


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Asian traders cautious ahead of results, Alibaba lifts Hong Kong
Hong Kong (AFP) July 26, 2022
Markets fluctuated in Asia on Tuesday as traders nervously geared up for a slew of earnings from the world's biggest firms and an expected Federal Reserve interest rate hike. A shock cut in US retail titan Walmart's profit outlook poured fuel on concerns that surging inflation and rising borrowing costs are hammering consumer spending and could send the economy into recession. The news left markets concerned about what's to come from other Wall Street giants this week - including Apple, Amazon, ... read more

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