Adidas (DE.ADS) cuts guidance as China lockdowns bite - 06 mai 2022

Operating profit tumbled by 38 per cent to €437mn in the first quarter as the world’s second-largest sportswear maker was hit by the economic fallout from China’s strict anti-Covid policies. Operating profit tumbled by 38 per cent to €437mn in the first quarter as the world’s second-largest sportswear maker was hit by the economic fallout from China’s strict anti-Covid policies. 

As a consequence, group sales adjusted for currency swings will grow by 11 per cent this year, compared with a previous expectation of 11-13 per cent, the company said. It now expects net income from continuing operations to be about €1.8bn, against previous guidance of €1.8bn-€1.9bn.

https://www.ft.com/content/80b934e9-9cfa-445f-b919-eba1b3b19667