Adidas Raises Fiscal Year Guidance as Sales Jump
July 28 2016 - 2:31AM
Dow Jones News
By Ellen Emmerentze Jervell
FRANKFURT--Adidas AG (ADS.XE) Thursday raised its guidance for
the fourth time this year, due to gains from the early termination
of a partnership with soccer club Chelsea and strong quarterly
sales.
The German sportswear firm said it now expected
currency-adjusted sales to grow at a percentage rate in "the high
teens," up from the figure of around 15% it had earlier projected.
It forecast net profit to increase at a rate between 35% and 39%,
reaching a number between 975 million euros ($1.07 billion) and
EUR1 billion for the full year. The company's previous estimate was
an increase of around 25%.
The company also released preliminary second-quarter results. In
the three months ended June, net profit from continuing operations
rose 99% to EUR291 million. Revenue increased 21% when adjusted for
currency effects, to EUR4.4 billion, it said.
Write to Ellen Emmerentze Jervell at ellen.jervell@wsj.com
(END) Dow Jones Newswires
July 28, 2016 03:16 ET (07:16 GMT)
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