Adidas Raises 2021 View After Swing to Profit in 2Q
August 05 2021 - 1:16AM
Dow Jones News
By Kim Richters
Adidas AG on Thursday raised its full-year outlook after
swinging to profit and seeing higher sales in the second
quarter.
The German sporting-goods company's net profit came in at 397
million euros ($470 million) in the three-month period, compared
with a loss of EUR295 million a year earlier.
Sales increased 51.5% to EUR5.08 billion.
"From a channel perspective, the company's top-line increase was
characterized by a strong recovery from the material revenue
decline in its physical distribution channels during the second
quarter of 2020, when the global coronavirus pandemic had caused a
very large number of temporary store closures," it said.
Wholesale revenues and sales in the company's own-retail stores
grew at a high-double-digit rate, while e-commerce revenues fell
14% in the second quarter 2021.
For the full year 2021, Adidas now expects currency-neutral
sales to grow up to 20% compared with 2020 and net income from
continuing operations to be between EUR1.4 billion and EUR1.5
billion.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 05, 2021 02:13 ET (06:13 GMT)
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