Adidas Is Upbeat on 2022 Growth Despite 4Q China Drag
09 Março 2022 - 04:19AM
Dow Jones News
By Joshua Kirby
Adidas AG said Wednesday that it expects strong revenue growth
in 2022 despite fourth-quarter sales and earnings falling as a
result of weak performance in the key China market.
The German sporting-goods company's fourth-quarter sales fell 3%
at constant currency to 5.14 billion euros ($5.60 billion) as
Greater China revenue declined by 24% organically. This led to a
drop in operating profit to EUR66 million from EUR225 million in
the same quarter the previous year, with the operating margin
falling to 1.3%, Adidas said.
Analysts had seen fourth-quarter sales at EUR5.22 billion and
operating profit at EUR118 million, according to a company-compiled
consensus.
Total sales in 2021 came to EUR21.23 billion euros, rising 16%
on year. Adidas had previously said it expected to meet the lower
end of the targeted sales growth for 2021 of up to 20%.
Looking ahead, Adidas said it is aiming for sales growth of
11%-13% in 2022, already accounting for a possible hit of EUR250
million from the Russia-Ukraine crisis. The company expects a
return to sales growth in Greater China in the mid-single digits in
2022, it said. Adidas is also targeting an increase in the gross
and operating margins this year.
For 2021, it will propose a dividend of EUR3.30 a share, a 10%
increase from the previous year.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
March 09, 2022 02:04 ET (07:04 GMT)
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