Adidas Slashes Guidance on China Weakness
A worsening outlook for the Greater China led Adidas to cut its top line 2022 guidance to a mid- to high-single-digit increase from its earlier expectations for growth at the lower end of an 11% to 13% range. Clearing excess inventory there will pull down full-year gross margin to about 49.0% from the 50.7% it was guiding at the end of last quarter, and net income from continuing operations is now expected to come in around €1.3 billion. The bottom line is well below earlier guidance for profits at the lower ... Log in to view full article.