German sportswear giant Adidas slashed its earnings forecast on Wednesday saying the end of its partnership with rapper Kanye West would cut this year is net income in half.
The group now expects a net profit from continuing operations of 250 million euros $252 million for 2022 down from a 500 million euro estimate last month which was itself a downgrade from previous forecasts in part because of slowing sales in China. German sportswear giant Adidas slashed its earnings forecast on Wednesday saying the end of its partnership with rapper Kanye West would cut this year is net income in half.
The group now expects a net profit from continuing operations of 250 million euros $252 million for 2022 down from a 500 million euro estimate last month which was itself a downgrade from previous forecasts in part because of slowing sales in China.
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