GRAPHIC: Saudi gaming spend leads Arab world

GRAPHIC: Saudi gaming spend leads Arab world
GRAPHIC: Saudi gaming spend leads Arab world

Thank you for reading the news about GRAPHIC: Saudi gaming spend leads Arab world and now with the details

Jeddah - Yasmine El Tohamy - BERLIN: German sportswear maker Adidas AG expects a strong China-led recovery in sales this year, though profit will be trimmed by costs associated with divesting its Reebok brand.
Preparing to presenting its 2021 outlook on Wednesday as part of its five-year strategy, Adidas said it has reopened 95 percent of its stores after coronavirus lockdowns and expects 2021 sales growth rate in the mid-to-high teens, rising to as much as 30 percent in greater China, the rest of Asia and Latin America.
“The 2021 outlook appears broadly consistent with consensus estimates once Reebok stranded costs are added back,” said Jefferies analyst James Grzinic.
Rival Puma last month said it expects the financial impact from lockdowns to last well into the second quarter but that pandemic-driven growth in running should help to support a strong improvement after that.
Adidas reported fourth-quarter sales up by a currency-neutral 1 percent at 5.55 billion euros ($6.59 billion) while operating profit slipped slightly to 225 million euros, ahead of the 5.47 billion and 202 million euros expected by analysts.
About half of its stores were closed in Europe in the period, but online sales grew 43 percent.
As part of its new strategy, Adidas will manage greater China as a separate market from the rest of Asia and it has integrated Europe, Russia and emerging markets into a new Europe, Middle East and Africa (EMEA) region.
For EMEA, Adidas expects sales growth in the mid-to-high teens, but only a high single-digit percentage in North America.
Net income from continuing operations is projected to rise to between 1.25 billion and 1.45 billion euros.
However, Adidas expects a hit of about 250 million euros to operating profit from costs to make Reebok a standalone company, with a third of that in 2022 but none in 2023.
Adidas last month said that it plans to sell or spin-off the underperforming brand, 15 years after it bought the US fitness label to help it compete with arch-rival Nike Inc.

These were the details of the news GRAPHIC: Saudi gaming spend leads Arab world for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Federal Reserve Chairman: “Omicron” threatens the recovery of the US economy