Adidas CEO says no change to 2025 goals after Q1 hit by lockdowns

Reuters

BERLIN – Adidas’ Chief Executive Kasper Rorsted said nothing had changed on the German sportswear company’s 2025 goals, after first-quarter results were dogged by lockdowns in Greater China.

Rorsted said that a double-digit sales drop in that market is possible in 2022, as a sudden recovery in China is unlikely, but he predicted strong growth in that market again in future.

He added that the war in Ukraine was not having a negative impact on consumers’ willingness to buy.

(Reporting by Alexander Huebner, Writing by Miranda Murray; Editing by Paul Carrel)

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