71
Fashion Jobs
L'OREAL GROUP
Multi-Brand Education Manager
Permanent · JOHANNESBURG
L'OREAL GROUP
E-Commerce Manager
Permanent · JOHANNESBURG
BEIERSDORF
Brand Manager
Permanent · DURBAN
G-STAR
Key Account Manager
Permanent · CAPE TOWN
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
PUMA
Payroll Administrator
Permanent · CAPE TOWN
ADIDAS
Senior Manager Sales: Shoe Channel - em South
Permanent · CAPE TOWN
ADIDAS
Senior HR Business Partner (6-Months Maternity Cover)
Permanent · CAPE TOWN
L'OREAL GROUP
Product Manager
Permanent · JOHANNESBURG
TREK
Country Manager
Permanent · SANDTON
L'OREAL GROUP
E-Commerce Key Account Manager
Permanent · JOHANNESBURG
BEIERSDORF
Precision Marketing & Audience Specialist
Permanent · DURBAN
CLINIQUE
Clinique - Roamer - Edgars Eastgate, Gauteng - 40 Hours - Full-Time - Permanent
Permanent · JOHANNESBURG
PANDORA
Sales Assistant Ppt 96 Hours Balito
Permanent · DURBAN
L'OREAL GROUP
Data Analyst
Permanent · JOHANNESBURG
HTNK
High-End Fashion/Denim Designer
Permanent · JOHANNESBURG
H&M
Talent Acquisition Specialist
Permanent · CAPE TOWN
ADIDAS
Specialist Franchise Excellence - Ems Africa Export
Permanent · CAPE TOWN
LOVISA
Full Time Team Member | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
LOVISA
Store Manager | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
PANDORA
Sales Assistant Pavillion
Permanent · WESTVILLE
By
Reuters API
Published
May 6, 2022
Reading time
2 minutes
Download
Download the article
Print
Text size

Adidas lowers 2022 expectations amid China lockdowns

By
Reuters API
Published
May 6, 2022

Adidas lowered expectations for 2022 after a first-quarter slump as renewed Covid-19-related lockdowns in Greater China continue to hit the German sportswear company.


In Greater China, sales collapsed by 35% in the first quarter; for the year, revenue is expected to fall significantly due to store closures and strong traffic declines - Reuters


First-quarter currency-adjusted sales shrank by 3% worldwide, to 5.3 billion euros ($5.58 billion), while profit from continuing operations fell 38%, to 310 million euros, it said on Friday.

In Greater China, sales collapsed by 35% in the first quarter; for the year, revenue is expected to fall significantly due to store closures and strong traffic declines.

The company now expects to come in at the lower end of its 2022 forecast for an 11-13% increase in currency-neutral sales as well as for net income from continuing operations of between 1.8 and 1.9 billion euros.

Adidas also cut its operating margin forecast, saying it will remain at the previous year's level of 9.4% instead of increasing to 11%.

"In this environment, characterized by severe external challenges, it is imperative to stay focused on our strategic objectives," said Chief Executive Kasper Rorsted.

"While we will remain agile, we will not jeopardize our long-term growth opportunity for short-term profit optimization."

The company expects a return to growth in the second quarter despite the continued sales decline in Greater China and a 200-million-euro negative impact from supply chain constraints.

In the second half of 2022, net sales are expected to grow over 20%, driven, among other things, by unconstrained supply, strong momentum in Western markets and major sports events.

© Thomson Reuters 2024 All rights reserved.