Adidas posts 28% decline in Q2 operating profit despite sales increase

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The German sportswear firm said currency-neutral sales rose 4% in the quarter but net income from continuing operations declined to 360 million euros from 387 million euros in the same period last year.

The company had cut its 2022 outlook in July, citing slower than expected recovery in China, and now expecting currency-neutral revenues to grow at a mid- to high-single-digit rate this year.

($1 = 0.9839 euros)