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Adidas confirms a net profit of 360 million euros in the second quarter

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Global sports equipment giant Adidas on Thursday confirmed a net profit of 360 million euros ($366 million) in the second quarter of 2022, although a slower-than-expected recovery of its activities in China weighs on prospects.

At the end of July, the group revised down its annual forecasts due to health restrictions in its main Asian market.

Adidas pegged 5%-10% annual global sales growth at constant exchange rates, up from 11%-13% previously.

The net result should be around 1.3 billion euros ($1.32 billion), down from the 1.8 billion and 1.9 billion euros initially forecast.

Although the company has not yet found “any significant slowdown in the sale of its products or any significant cancellation of wholesale orders” outside of China, this forecast takes into account “a possible slowdown in consumer spending” in these other markets. Adidas explained.

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