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Adidas performs well in western markets

Adidas has seen its sales rise by 4% on a currency neutral basis as it continues to see strong momentum in its western markets. The growth… View Article

SPORTS & LEISURE

Adidas performs well in western markets

Adidas has seen its sales rise by 4% on a currency neutral basis as it continues to see strong momentum in its western markets.

The growth was achieved despite continued challenges in both supply and demand. The company said supply chain constraints following last year’s lockdowns in Vietnam reduced top-line growth by around €200 million in the period.  In addition, its decision to suspend operations in Russia reduced revenues by more than €100 million.

Meanwhile, net income from continuing operations declined to €360 million from the prior year’s €387 million.

Adidas chief executive Kasper Rorsted said: “Our western markets continued to show strong momentum in the second quarter amid heightened macroeconomic uncertainty. With Asia-Pacific returning to growth, markets combined representing more than 85% of our business grew at a double-digit rate.”

The figures meant that currency-neutral revenues were flat in the first half of 2022 versus the prior year period. In euro terms, revenues grew by 5% to €10.897 billion.

Looking ahead, Adidas said the macroeconomic environment remains challenging, particularly in China.

Rorsted said: “The recovery in this market is – due to continued covid-19-related restrictions – slower than expected. And we have to take into account a potential slowdown in consumer spending in all other markets for the remainder of the year.”

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