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Adidas on Tuesday cut its financial forecast for 2022 citing slower recovery in China and other markets.
The company said it “has been experiencing a slower-than-expected recovery in its business in Greater China since the start of the third quarter.”
Due to the continued Covid-19 related restrictions in China, Adidas now expects currency-neutral revenues to grow at a mid-to-high single-digit rate in 2022, compared with previous growth estimates of between 11% to 13%.
Adidas now expects its gross margin to be around 49% in 2022, down from prior guidance of 50.7%.
Picture Credits: Getty Images
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