Adidas Expects Figures Hit due to Russian Business, but Looks for China Recovery
German sportswear company - Adidas said it expected a halt to its business in Russia due the war in Ukraine, but a recovery in its China sector.
Indeed, the conflict Russia is currently involved in is putting at risk up to 250 million euros of sales in 2022 for the brand. Adidas said on Monday it has suspended operations of its stores and online shopping site in Russia until further notice. It operates about 500 stores in Russia, a quarter of the total.
Adidas also forecast an increase in currency-neutral sales of 11-13% for 2022, while China is expected to see sales increase in the mid-single digits after a consumer boycott in 2021.
It said its expects net income from continuing operations to grow to between 1.8 billion and 1.9 billion in 2022, up from 1.492 billion in 2021.
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