Salem Radio Network News Saturday, September 18, 2021

Business

Adidas hikes outlook despite hit to China sales

BERLIN (Reuters) – German sportswear company Adidas raised its outlook for full-year sales and profitability as demand soared in most of the world but took a hit in China where Western brands faced a call for a boycott of their products in late March.

Second-quarter sales soared 52% to 5.077 billion euros ($6.01 billion), while operating profit came in at 543 million euros, beating analysts’ average forecasts for 4.97 billion euros and 458 million euros respectively.

Adidas said it now expected 2021 sales to grow up to 20% and for net income from continuing operations to reach 1.4-1.5 billion euros, up from a previous forecast for 1.25-1.45 billion euros.

($1 = 0.8450 euros)

(Reporting by Emma Thomasson; Editing by Tomasz Janowski)

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