Adidas’ Operating Profit Plummets 28%, Faces Legal Battles
August 4, 2022
Adidas reported a 28% decline in second-quarter operating profit to $398.4 million due to suspending its business in Russia, pandemic-related lockdowns in China and Vietnam, and higher supply chain costs.
The company was able to lock in a 4% increase in currency-neutral revenue. Net income fell to roughly $366.8 million from around $394.4 million during the same period last year. FOS