Adidas issues profit warning as China sales plummet while Puma lifts earnings forecast

Foreign brands are also struggling to hang on to China as a major growth driver amid consumer boycotts and preferential treatment for homegrown companies including Anta Sports Products and Li Ning.

Adidas stock has lost more than a third of its value since the start of the year.

Adidas issued a profit warning after its sales were hit by lockdowns and consumer boycotts in China, offsetting strong momentum in its key western markets.

The German sportswear company said although its second-quarter results are “somewhat ahead of expectations” with strong growth in Western markets, the recovery in Greater China was slower than expected.