Adidas lifts profit forecast for third time running
The firm said it had earned a net profit of 291 million euros in the three months to June 99 percent more than the same period in 2015.
Frankfurt: German sporting goods brand Adidas lifted its profit forecast for the third time in six months on Thursday after better-than-expected preliminary results in the second quarter.
The firm said it had earned a net profit of 291 million euros ($322.7 million) in the three months to June 99 percent more than the same period in 2015. Increased profits came on the back of a 13-percent leap in sales to 4.4 billion euros in the second quarter.
"Management now projects currency-neutral sales to grow at a rate in the high teens" over the whole year, rather than the 15 percent previously expected, the Bavaria-based company said in a statement.
Higher sales will push Adidas' net profit growth for the year to between 35 and 39 percent, the company said, at least 10 percentage points more than previously predicted.
The results made shares in Adidas the top performer in Germany's DAX index of 30 leading companies on the Frankfurt stock exchange on Thursday, gaining almost five percent in early trading. Adidas joins its arch-rival Puma in announcing a boost to results in the first half of the year.
Both marques have seen sponsorships of teams at high-profile sporting events including the Euro 2016 and Copa America football tournaments pay off with increased sales, and are hoping for a further boost from the Rio Olympics.