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Adidas hopeful for boost from 2016 sports events

Thursday, March 3, 2016 - 15:10

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German sportswear company Adidas expects sales and net profit to keep rising fast in 2016, helped by aggressive marketing and big events like the European soccer championships.

[HERZOGENAURACH] German sportswear company Adidas expects sales and net profit to keep rising fast in 2016, helped by aggressive marketing and big events like the European soccer championships.

Adidas, which had already given an upbeat outlook when it published preliminary 2015 results last month, said it expected currency neutral sales and net income to both increase between 10 and 12 per cent this year.

The firm, where Henkel's Kasper Rorsted will take over as chief executive in October, said its optimism was supported by rising consumer spending, a pipeline of innovative products, increased marketing and upcoming sporting events.

Adidas reported a fourth-quarter net loss of 44 million euros (S$66.63 million) on sales up 15 per cent to 4.167 billion euros, compared to average analyst forecasts of a loss of 39 million euros on sales of 4.151 billion euros.

REUTERS

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