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Adidas trims 2021 forecast on sourcing disruptions -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A shop in Adidas is seen as coronavirus continues its spread in Berlin (Germany), April 20, 2020. REUTERS/Axel Schmidt

BERLIN (Reuters), Adidas, a German sportswear manufacturer, has lowered its profits and sales forecasts for the full year due to sourcing disruptions in China and the difficult market conditions in China. The company’s third quarter results were below average analysts expectations.

Adidas announced Wednesday third quarter sales rose by currency neutral 3%, to 5.752 trillion euros ($6.65billion), and operating profit declined 8.5% to 672million euros. That’s below the average analyst predictions of 6.82 billion or 5.83 billion respectively.

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