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Adidas Cuts Profitability Goal as Chinese Lockdowns Dent Sales

  • Earnings, revenue to be in lower end of forecast ranges
  • Vietnam factory shutdowns also reduce supply of apparel
An Adidas store in Shanghai.
An Adidas store in Shanghai.Photographer: Qilai Shen/Bloomberg
Updated on

Adidas SE cut its profitability targets for this year and forecast a plunge in sales of sporting goods in China as the Covid Zero policy keeps stores shut.

The company also said Friday supply bottlenecks in Vietnam have reduced the availability of products, eroding sales. The shares fell as much as 6.8%, approaching a two-year low.