Adidas suffers under boycott

Supply chain problems, lockdowns, and a boycott call in China have caused Adidas’ third-quarter profit to slump. Chief Executive Kasper Rorsted reiterated to Reuters that the company’s projection, which had only been raised at the halfway point but expected profit and sales growth to be at the lower end of the target range. Profit from continuing operations and operating margin are expected to be in the lower range of the targeted corridor of €1.4 to 1.5 billion and 9.5 to 10 percent, respectively. Sales are expected to increase by 17 to 18 percent. Previously, Adidas had anticipated an increase of up to 20 percent.