ADS Adidas AG

   By Cristina Roca 
 

Adidas AG (ADS.XE) said Thursday that its second-quarter net profit rose strongly, and backed its full-year outlook.

The German sporting-goods company said net profit for the quarter was 531 million euros ($595.1 million), up strongly from EUR396 million the year previous and significantly above analysts' expectations of EUR464.7 million, according to a consensus estimate provided by FactSet.

Sales were EUR5.51 billion, up from EUR5.26 billion the year previous and broadly in line with analysts' forecasts of EUR5.54 billion, according to FactSet. Sales grew 4% at on a currency-neutral basis, Adidas said.

Currency-neutral sales in North America grew 5.8%, while Asia-Pacific grew 7.8% and Europe was flattish. Sales at the Reebok brand owned by Adidas were up 3.1% for the quarter on a currency-neutral basis.

Sales for the first half grew 4%, meeting the company's guidance of 3%-4% sales growth for the period.

Operating margin improved to 11.7% from 11.3% the year previous, Adidas said.

Adidas said it continues to expect its sales growth to pick up the pace during the second half of the year.

The company backed its full-year guidance of currency-neutral sales growth of 5%-8%, an operating margin increase to between 11.3% and 11.5%, and 10% to 14% growth in net profit from continuing operations.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

August 08, 2019 02:03 ET (06:03 GMT)

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