German sportswear giant Adidas slashed its earnings forecast saying the end of its partnership with rapper Kanye West would cut this year’s net income in half.
The group now expects a net profit from continuing operations of 250 million euros for 2022, down from a 500-million-euro estimate last month, which was a downgrade from previous forecasts partly because of slowing sales in China.
Adidas says its full-year revenues are forecast to grow at a low-single-digit rate, compared with the mid-single-digit rate it had still expected last month.