Adidas slumps as weak profit outlook follows currency hit
German sportswear giant said the swings against it will lead to lower earnings
Adidas AG slumped after the German company said currency swings will worsen the effects of a slowdown in the sports apparel market, restricting earnings to less than half of analysts’ estimates.
Operating profit should be around €500 million ($542 million) in 2024, Adidas said late Wednesday, compared with an average analyst estimate of €1.27 billion.
Adidas suffered a €1 billion currency hit from factors including a devaluation of the Argentine peso in 2023 and said ...