By Cristina Roca

Adidas AG said Thursday that it will launch a new share buyback program worth 450 million euros ($521.8 million).

The German sporting-goods company said the program will start on Monday, and that it intends to cancel most of the shares it repurchases.

The new program means Adidas will buy back shares worth EUR1 billion this year.

"The decision to launch an additional share buyback program reflects our strong financial profile as well as the successful start of the execution of our strategy 'Own the Game'," said Harm Ohlmeyer, Adidas's finance chief.

Part of the strategy is distributing EUR8 billion-EUR9 billion through regular buybacks and dividends, the company said.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

October 14, 2021 08:27 ET (12:27 GMT)

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