Double-digit decline for adidas in China
Sports group adidas has said its preliminary results for the third quarter of 2022 show that its sales in China declined at a double-digit rate.
It said this was a reflection of “continued widespread covid-19-related restrictions”, which have led in turn to “significant inventory takebacks”.
It said its report for the quarter would show one-off costs of around €300 million, reflecting the situation in China and also expenses it has incurred following a decision to initiate the winding-down of its business operations in Russia.
For the fourth quarter of 2022, however, adidas said it was confident of growth, thanks to its “strong product pipeline” and the prospect of increased sales to coincide with the FIFA World Cup.
Image shows an adidas store in Shanghai.
