Adidas raises outlook after strong third quarter
[BERLIN] German sportswear company Adidas raised its outlook for full-year sales and profits on Thursday after it reported better-than-expected results for the third quarter as its golf business recovered from a recent slump.
Adidas said it expects currency-neutral sales to increase at a high-single-digit rate, compared to a previous forecast for a mid single-digit rate, while net income from continuing operations excluding goodwill impairment should increase at around 10 percent, from a previous 7-10 per cent target.
Sales rose 18 per cent to 4.758 billion euros (S$7.27 billion), or 13 per cent excluding the impact of currencies, beating an average of analysts' forecast for 4.5 billion euros and accelerating from a 5 per cent rise in the second quarter.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
China knockoff raid jolts a global throng of fake-fashion influencers
Apparel company Express seeks quick bankruptcy sale
Mattel posts narrower loss, thanks to Hot Wheels growth and lower costs
Starbucks set for talks with unionised US stores
Gucci-owner Kering posts 10% drop in Q1 sales on sluggish Chinese demand
China bubble-tea chain Chabaidao plunges on Hong Kong debut