
Adidas profit drops as sales in China slump
CNN
Adidas on Friday blamed poor sales in China for a sharp drop in first quarter profit.
The German sportswear giant reported net profit of €310 million ($327 million) in the first three months of 2022, down 38% on the same period last year.
The company said the decline was caused by a "challenging market environment" in China, where sales fell 35%, as well as supply chain disruptions.
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