Adidas has warned that its operating profit this year would be lower than previously expected as the company struggles with disrupted supply chains, closed shops in China and rising costs.
Operating profit tumbled by 38 per cent to €437mn in the first quarter as the world’s second-largest sportswear maker was hit by the economic fallout from China’s strict anti-Covid policies.
The company said lockdowns in China “have led to a large number of store closures as well as strong traffic declines, even in parts of the country not directly impacted.”
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