Sporting Goods Manufacturers – Adidas Escape Billions – Economy

A boycott in China, higher freight rates and inactive factories in Vietnam reduce Adidas’ prospects. The world’s second-largest sporting goods maker after Nike is looking more cautiously towards the full year after falling third-quarter profits. “There are a lot of things right now that are beyond our control,” CFO Harm Ohlmeyer said on Wednesday. “Supply chain issues will continue to affect our results over the next two quarters.” All in all, Adidas is facing sales losses of more than two billion euros due to the buyers’ strike and corona blockages. CEO Kasper Rorsted confirmed the forecast, which was only raised in the first half of the year, but expects earnings and sales growth in the lower end of the target range. Profit from continuing operations and operating margin should be in the lower end of the announced corridor of 1.4 to 1.5 billion euros or 9.5 to 10%.

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