AGL 40.40 Increased By ▲ 0.20 (0.5%)
AIRLINK 129.25 Increased By ▲ 0.14 (0.11%)
BOP 6.81 Increased By ▲ 0.21 (3.18%)
CNERGY 4.13 Increased By ▲ 0.10 (2.48%)
DCL 8.73 Increased By ▲ 0.28 (3.31%)
DFML 41.40 Increased By ▲ 0.15 (0.36%)
DGKC 87.75 Increased By ▲ 0.75 (0.86%)
FCCL 33.85 Increased By ▲ 0.50 (1.5%)
FFBL 66.40 Increased By ▲ 0.50 (0.76%)
FFL 10.69 Increased By ▲ 0.15 (1.42%)
HUBC 113.51 Increased By ▲ 2.81 (2.54%)
HUMNL 15.65 Increased By ▲ 0.42 (2.76%)
KEL 4.87 Increased By ▲ 0.09 (1.88%)
KOSM 7.62 Decreased By ▼ -0.21 (-2.68%)
MLCF 43.10 Increased By ▲ 1.20 (2.86%)
NBP 61.50 Increased By ▲ 1.00 (1.65%)
OGDC 192.20 Increased By ▲ 9.40 (5.14%)
PAEL 27.05 Increased By ▲ 1.69 (6.66%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 150.50 Increased By ▲ 2.69 (1.82%)
PRL 24.96 Increased By ▲ 0.40 (1.63%)
PTC 16.25 Increased By ▲ 0.01 (0.06%)
SEARL 71.30 Increased By ▲ 0.80 (1.13%)
TELE 7.25 Decreased By ▼ -0.05 (-0.68%)
TOMCL 36.29 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.05 Increased By ▲ 0.20 (2.55%)
TREET 16.30 Increased By ▲ 1.00 (6.54%)
TRG 51.56 Decreased By ▼ -0.14 (-0.27%)
UNITY 27.35 No Change ▼ 0.00 (0%)
WTL 1.27 Increased By ▲ 0.04 (3.25%)
BR100 9,967 Increased By 125.2 (1.27%)
BR30 30,751 Increased By 714.7 (2.38%)
KSE100 93,292 Increased By 771.2 (0.83%)
KSE30 29,017 Increased By 230.5 (0.8%)

BERLIN: German sportswear company Adidas said it expected a halt to its business in Russia due the war in Ukraine to put at risk up to 250 million euros ($273.10 million) of sales in 2022, while it expects a recovery in its China business.

Adidas forecast an increase in currency-neutral sales of 11-13% for 2022, including the risk to its business in Russia and Ukraine, with Greater China set to see sales increase in the mid-single digits after a consumer boycott in 2021.

Adidas said on Monday it has suspended operations of its stores and online shopping site in Russia until further notice.

It operates about 500 stores in Russia, a quarter of the total.

Adidas said the 250 million euros at risk was about half of the company's total revenues in the region and represented about 1 percentage point of growth for the total company.

It said its expects net income from continuing operations to grow to between 1.8 billion and 1.9 billion in 2022, up from 1.492 billion in 2021.

Adidas reported a 3% fall in currency-neutral sales in the fourth quarter to 5.137 billion euros, dragged down by a 24% fall in greater China.

Adidas said on Tuesday it has appointed Adrian Siu as its new head of the Greater China business.

Adidas was targeted during a boycott of Western brands by Chinese consumers who criticised companies for saying they would not source cotton from Xinjiang after reports of human rights abuses against Uyghur Muslims there. Beijing denies any abuses.

Comments

Comments are closed.