adidas: raises outlook after 'strong' third quarte results
(CercleFinance.com) - adidas raised its outlook on Wednesday after the World Cup football tournament in Russia helped the sporting goods maker boost its revenues in the third quarter.
The German company said that it now expects net income from continuing operations to be between 1.66 billion and 1.72 billion euros, up by between 16% and 20% relative to 2017.
The group previously forecast growth of between 13% and 17%.
In the period of July to September, the company's revenues rose 3% to 5.87 billion euros, pushing net income from continuing operations up 19% to 656 million euros.
"We delivered high-quality growth again in the third quarter," said adidas CEO Kasper Rorsted.
"The top-line expansion was driven by double-digit increases across our strategic growth areas North America, Greater China and e-commerce," he added.
Despite these results, this morning the Frankfurt-listed adidas shares are down 3.2% at 199.2 euros.
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