The Dax group is struggling with weak demand in China.
(Photo: imago images/Harry Koerber)
Munich The sporting goods group Adidas has lowered its forecasts for the current year. Since the beginning of July, there has been “a slower than expected recovery in business in China,” said the Dax group on Tuesday evening. In view of the global challenges, potential consumer restraint is also looming in other markets.
Adidas now only expects sales growth in the mid to high single-digit percentage range for the full year. CEO Kasper Rorsted had originally forecast currency-adjusted sales growth of eleven to 13 percent for 2022. As early as May, however, the company warned that it would be more in the lower part of the range.
In terms of profit from continued operations, Adidas is now only forecasting a result of around 1.3 billion euros – instead of the original 1.8 to 1.9 billion euros. The operating margin will be around seven percent. Adidas had originally promised up to 11 percent here and lowered expectations to 9.4 percent in May.
According to preliminary figures, Adidas increased its sales in the second quarter by four percent, adjusted for currency effects, to 5.6 billion euros. Profit from continuing operations fell from 387 to 360 million euros.
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