By Dhirendra Tripathi

Investing.com – Adidas stock (DE:) soared 10% in Frankfurt trading Wednesday after the shoe and sports apparel maker forecast strong sales in 2022.

Company expects its China business will rebound and offset Russia’s loss. Bloomberg says that overall margins have increased and price rises will be a factor.

The company disclosed its 2021 results and stated that sales will increase by between 11% and 13 percent on a currency neutral basis, as long as there is strong demand for sneakers.

Adidas anticipates that Greater China sales will rise in the mid-single digits compared with last year’s 3% decline. This is despite a consumer boycott and push for local products reducing its sales. Adidas announced Tuesday it has promoted Adrian Siu, who is also an experienced manager of a Chinese brand, Cosmo Lady.

Adidas stated that war in Ukraine has put at least 250 million euro ($273 millions) of revenue and half of its business with Russia and the CIS regions at risk. This is due to Russia’s suspension in retail and ecommerce operations. It represents approximately 1 percent growth in total sales according to the wire agency.

Monday was the day that the company declared it would suspend operations in Russia, where it manages about 500 stores, roughly one-quarter its total.

According to projections by the company, North America and Latin America represent the largest sales drivers. Their growth could even reach 19%. Europe, Asia-Pacific, Africa and the Middle East are projected to grow around 16%.

Adidas reports a 3.3% drop in currency neutral sales to the 5.14 billion euro, influenced by Greater China.