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By Emma-Victoria Farr

FRANKFURT, Oct 20 (Reuters)German sporting goods maker Adidas ADSGn.DE on Thursday cut its full-year guidance, citing weaker expectations for China and lower demand in major Western markets.

The company now expects currency-neutral revenues to grow by a mid-single-digit percentage in 2022, down from a mid- to high-single-digit percentage forecast previously, it said.

The new outlook reflects several one-off costs totaling almost 300 million euros and impacting the company’s bottom-line results in the third and fourth quarter of the year, the statement added.

These expenses were largely due to the company’s decision to initiate the wind-down of its business operations in Russia.

Adidas’s sales increased 11% to 6.4 billion euros ($6.28 billion)in Q3, but its net income was 179 million euros in Q3, compared with 479 million euros in 2021.

($1 = 1.0199 euros)

(Reporting by Emma-Victoria Farr; Editing by Christoph Steitz and Aurora Ellis)

((emma-victoria.farr@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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