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Adidas saw its shares tumble Friday Oct. 21 after projecting that profits would be lower this year as it deals with lower-than-expected sales and a glut of inventory.In a message to investors this week, the company said its new outlook is based on a further deterioration of traffic trends in Greater China as well as a significant inventory build-up as a result of lower consumer demand in major Western markets since the beginning of September. Adidas said in the message its income from continuing operations is expected to reach a level of around 500 milli <a href=https://www.stanley-cup.cz>stanley hrnek</a> on euros about $489 million , previously at 1.3 billion euros about $1.3 billion . Its operating profit margin is expected to drop 4%, versus its previous 7% projection.The company told investors it had engaged in higher clearance activity to reduce elevated inventory levels, which were up 63% on a currency-neutral basis at the end of its third quarter.In May, Adidas announced it expected lower operating profits than anticipated due to supply chain disruptions, increased costs, and store closures in China.Last m <a href=https://www.stanleycups.pl>stanley polska</a> onth saw Adidas rival Nike dealing with its own inventory troubles, with company officials vowing decisive action as North American <a href=https://www.stanley-germany.de>stanley germany</a> inventories jumped 65%.Read more: Nike Promises Decisive Action on Inventory, More Investment in D2CThe news follows other misfortunes for Adidas, which has of late had to search for a new CEO while also dealing with a public feud with rapper Kanye West.See more: Adidas Seeks CEO Wmne Today In Data: Who Can You Trust
American Express has invested an undisclosed amount in Indian POS startup Ezetap in exchange for a minority stake, according to a report in Medianama.The investment would allow the company to add such services as loyalty points and rewards for consumers, Bangalore-based Ezetap said.American Express Ventures, a unit of the credit card company, last month inves <a href=https://www.stanley-cup.us>stanley us</a> ted $4.5 million in Capillary Technologies, a consumer engagement company based in the same city. Whats Hot is aggreg <a href=https://www.stanleycup.pl>stanley polska</a> ated content. PYMNTS claims no responsibility for the accu <a href=https://www.stanleycups.us>stanley us</a> racy of the content published by the original source. |
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