Adidas reported a further €100 million loss in revenue from the suspension of work in Russia. The company announced it in its third quarter report; in the report of the second German manufacturer there was also talk of a loss of 100 million euros.
A slight increase in revenue and a serious drop in net profit for Adidas reported in the company’s report.
In the third quarter of 2022, compared to the same period in 2021, the German sportswear and footwear manufacturer’s revenue grew 11% to €6.4 billion, but the company’s net profit fell several times, from 479 million euros to 66. million.
“The decision to suspend its own operations in Russia at the end of the first quarter reduced revenue by more than €100 million in the third quarter, which particularly affected the company’s consumer-facing business,” the company said in a statement. .
In the third quarter, Adidas lost 100 million euros due to the suspension of work in Russia. According to the results of the second quarter, the company also recorded a loss of 100 million euros for the same reason.
Author:
Kirill Bilyk
Source: RB
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