World Footwear

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adidas raises guidance for the year

Aug 8, 2016 Germany
adidas raises guidance for the year
During quarter two the group's revenue increased by 21% on a currency-neutral basis and 13% in euro terms totaling 4.4 billion euros. Net income doubled in the period
“Double-digit growth rates across all key regions and all major categories is proof positive of the initial success of Creating the New. We have every confidence that the strong momentum our brands are enjoying around the globe will continue in the second half of 2016 and beyond”, stated Herbert Hainer, CEO of the adidas Group.

The company's revenue increased by 21% on a currency-neutral basis and 13% in euro terms totaling 4.4 billion euros. As a result of a higher gross margin as well as operating expense leverage, the group’s operating profit increased by 77% totaling 414 million euros in the second quarter of 2016 (compares to 234 million euros in similar period last year). Net income from continuing operations increased by 99% totaling 291 million euros.

In light of the strong brand momentum, the adidas group has increased its 2016 financial outlook. Management now projects currency-neutral sales to grow at a rate in the high teens in 2016 (previously: increase by around 15%).

As a result of the stronger than expected top-line development and further operating leverage, net income from continuing operations is now forecasted to increase at a rate between 35% and 39% to a level between 975 million euros and 1.0 billion euros in 2016 (previously: increase by around 25%).

“We are extremely pleased how well our brands are connecting with the consumer and how fast our new strategy has started to gain traction,” added Herbert Hainer.

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