The Herzogenaurach only expect a profit of half a billion euros.
(Photo: Reuters)
Munich The sporting goods group Adidas has lowered its outlook for the current year for the third time. The group justified the renewed correction of the forecast on Thursday with ongoing problems in China and reduced consumer demand in western markets.
In the third quarter, sales increased by four percent currency-adjusted to 6.4 billion euros, Adidas announced. The group had originally expected a stronger revival in the second half of the year. Profit from continuing operations fell from 479 to 179 million euros between July and September. This was also due to charges related to the withdrawal from Russia.
For the year as a whole, the group now only expects a currency-adjusted increase in sales in the mid-single-digit percentage range and a profit from continued operations of around EUR 500 million.
In the already lowered forecast, Adidas had previously expected sales growth in the mid to high single-digit percentage range and a profit of around 1.3 billion euros. The original expectations were even higher. In the long run, the second-largest sporting goods group in the world is primarily suffering from a drop in sales in China.
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“Of course we made mistakes in China,” said Adidas CEO Kasper Rorsted a few weeks ago in an interview with the Handelsblatt. Shortly thereafter, he announced his early departure in the coming year. A successor has still not been found. According to information from the Handelsblatt from supervisory board circles, an external candidate is primarily sought.
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