Adidas raises forecasts as CEO plans fast-fashion focus
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Frankfurt
ADIDAS AG raised its sales and earnings forecasts through 2020 as new chief executive officer Kasper Rorsted seeks to transform the German sportswear maker's namesake label and Reebok into fast-fashion businesses and jettisons underperforming units.
Net income from continuing businesses should rise 20 per cent to 22 per cent a year on average through 2020, the company forecast on Wednesday, compared with a previous projection for growth of about 15 per cent. Adidas said it's still trying to sell its TaylorMade golf unit after almost a year of looking and also will divest the CCM hockey business.
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