Adidas beat earnings forecasts

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Adidas beat earnings forecasts

August 09, 2018 - 11:46
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Shares of German sportswear producer grew by 7,5% on Thursday after company informed about exceeding forecasts in regards to revenue and profit, Bloomberg reports.

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Shares of German sportswear producer grew by 7,5% on Thursday after company informed about exceeding forecasts in regards to revenue and profit, Bloomberg reports. Such growth was caused due to higher sales of soccer merchandises during World Cup as well as strengthened positions in the US and Asia. And this is despite of the fact that two Nike-sponsored teams were playing in final game of championship.

Adidas reported that revenue with currency swings adjustments grew by 10% to 5,26 billion euro in the second quarter. Estimates of analytics were 5,17 billion.

Company showed double digits growth in North America, Asia-Pacific region, Latin America and Russia. It also confirmed annual sales growth this year by 10%.

Adidas shares fell 1,5% during past year. At the same time shares of Puma grew more than 15%, and Nike’s stocks gained 34%.