German sportswear company Adidas said it expected a halt to its business in Russia due to the war in Ukraine to put at risk up to 250 million euros ($273.10 million) of sales in 2022, while it expects a recovery in its China business.
Adidas forecast an increase in currency-neutral sales of 11-13 per cent for 2022, including the risk to its business in Russia and Ukraine, with Greater China set to see sales increase in the mid-single digits after a consumer boycott in 2021.
It expects net income from continuing operations to grow between 1.8 billion and 1.9 billion, up from 1.492 billion in 2021.
Adidas reported a 3 per cent fall in currency-neutral sales in the fourth quarter to 5.137 billion euros, dragged down by a 24% fall in Greater China.