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FRANKFURT (Reuters) – German sporting goods maker Adidas (OTC:ADDYY) on Thursday cut its full-year guidance, citing weaker expectations for China and lower demand in major Western markets.
The company now expects currency-neutral revenues to grow by a mid-single-digit percentage in 2022, down from a mid- to high-single-digit percentage forecast previously, it said.
The new outlook reflects several one-off costs totaling almost 300 million euros and impacting the company’s bottom-line results in the third and fourth quarter of the year, the statement added.
These expenses were largely due to the company’s decision to initiate the wind-down of its business operations in Russia.
Adidas’s sales increased 11% to 6.4 billion euros ($6.28 billion)in Q3, but its net income was 179 million euros in Q3, compared with 479 million euros in 2021.
($1 = 1.0199 euros)
