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Adidas raises forecasts as profit beats estimates

Nov 05 2015 09:16
Aaron Ricadela

Frankfurt - Adidas raised its forecasts for 2015 and reported third-quarter earnings that topped analysts’ estimates as the German sportswear maker sold more sneakers in western Europe and China.

Net income from continuing operations and adjusted for goodwill impairment will rise about 10%, Herzogenaurach- based Adidas said in a statement on Thursday.

The company previously forecast 7% to 10% growth. Third- quarter profit was €311m. Analysts expected €301m, according to the average of estimates compiled by Bloomberg.

“We are reaching the 2015 goal line much faster than we had anticipated,” CEO Herbert Hainer said. Adidas is seeking a successor to its CEO of almost 15 years, and some investors are pressing for an outsider to revamp the company.

Hainer is trying to turn around Adidas after a dismal 2014 by concentrating marketing in the US and in key global cities including London and Shanghai. It’s streamlined its all- important soccer shoe lineup and seeking a buyer for parts of its struggling golf business.

Last week, Nassef Sawiris, Egypt’s richest man, emerged as Adidas’ biggest shareholder.

Sawiris, whose NNS Holding owns 6% of the voting rights, has taken an active role at companies he buys stakes in, including cement maker LafargeHolcim and building-materials company Texas Industries.

adidas  |  retail  |  earnings reports
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