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Name | Symbol | Market | Type |
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Adidas AG (QX) | USOTC:ADDYY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 122.04 | 119.50 | 122.05 | 0.00 | 12:46:51 |
By Joshua Kirby
Adidas again cut revenue and earnings guidance for the year to account for the end of its Yeezy label partnership with designer Kanye West, but said it expects a recovery next year amid a cost-savings program.
The German sporting-goods giant now expects group revenue to grow by a low-single-digit percentage at constant currency, from previous guidance in the mid single digits, it said Wednesday. Net profit from continuing operations should come in at around 250 million euros ($251.9 million) half what it previously expected, with a gross margin of 47% and operating margin of just 2.5%, Adidas said.
The revision is the fourth time this year Adidas has lowered its outlook for 2022, and comes after an end to the lucrative Yeezy collaboration following a string of controversies including a recent anti-Semitic outburst from rapper Mr. West.
The company, however, expects to see a rebound in the bottom line in 2023. The Russia-related costs won't recur, while a program to cushion inflation and higher costs should boost 2023 profit by some EUR200 million, Adidas said.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
November 09, 2022 02:09 ET (07:09 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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