After a slump in profits at the beginning of the year, the world’s second-largest sporting goods group Adidas has scaled back its forecasts for 2022. The reason for the dwindling optimism is the flagging business in the former growth market China, which suffers from boycott calls against Western brands and the recent Covid lockdowns in major cities. Sales there slumped 35 percent in the first three months, Adidas announced on Friday in Herzogenaurach.
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