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Despite the current unsatisfactory results, Adidas expect an improvement in the second half of the year
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Loading...German sportswear company Adidas reported disappointing second-quarter sales on Thursday but confirmed it expects a recovery in the second half.
Adidas shares, which had rallied in recent weeks on hopes it might lift its outlook — particularly after German rival Puma raised its sales and profit forecasts — slipped over 1% in early morning deals.
Second-quarter sales rose a currency-adjusted 4% to 5.51 billion euros ($6.18 billion), slightly shy of average analyst forecasts for 5.54 billion as the company saw a strong fall in the soccer category a year on from the World Cup.
“We are going to see a pick up in the third and the fourth quarter because that is where we are going to have a lesser impact on our supply chain. So, we are very satisfied with the results,” Adidas CEO Kasper Rorsted told.
The company said it was confident sales would accelerate in the second half, allowing it to confirm a full-year outlook for currency-neutral sales growth of 5-8% and net income from continuing operations of between 1.88 and 1.95 billion euros.
Source: CNBC
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