The sporting goods manufacturer Adidas is hoping for momentum from the men’s soccer World Cup in Qatar in late autumn.
In addition, the introduction of new products and an expected increase in wholesale inventories should lead to a slight acceleration in growth in the second half of the year, said CFO Harm Ohlmeyer on Thursday when the detailed figures for the second quarter were presented.
However, the important China business is excluded from this development. Here, the recovery after the lockdown-related slump will be slower than planned. For this reason, Adidas lowered its full-year guidance last week.
In the second half of the year, Ohlmeyer expects currency-adjusted growth in the mid-tens of percent for the group excluding the China business, after a comparable plus of eleven percent in the first six months.
Group-wide, the increase should be ten percent. Adidas was more optimistic than before for the North and Latin American markets, while the sporting goods manufacturer slightly lowered its growth prospects for the European region. In the important China business, Kasper Rorsted’s management assumes a double-digit percentage decline.
Adidas had lowered its forecasts at the end of July due to the problems in China and an expected weaker consumer mood in other countries. For 2022, management expects currency-adjusted sales growth in the mid to high single-digit percentage range – significantly less than previously. Most recently, Adidas had issued a plus at the lower end of the range of 11 to 13 percent. At around 1.3 billion euros, profit from continuing operations is expected to be below the previously expected 1.8 billion to 1.9 billion euros. (dpa)