adidas: scraps fourth-quarter growth forecast
(CercleFinance.com) - adidas suffered another fall in sales in the third quarter and scrapped its growth guidance for the fourth quarter, due to the worsening of the pandemic.
The German sportswear company, which at the beginning of its fourth quarter thought that it was on track for growth, now expects a "similar top-line development" as experienced in the third quarter.
Its revenues fell by 7% to less than six billion euros in the past quarter, from 6.4 billion euros in the third quarter of 2019.
The company also posted net income from continuing operations of 578 million euros, down 10% from 644 million euros a year ago, albeit above the consensus of 525 million euros.
Its Frankfurt-listed shares were down over 2% in early morning trading after this mixed report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The German sportswear company, which at the beginning of its fourth quarter thought that it was on track for growth, now expects a "similar top-line development" as experienced in the third quarter.
Its revenues fell by 7% to less than six billion euros in the past quarter, from 6.4 billion euros in the third quarter of 2019.
The company also posted net income from continuing operations of 578 million euros, down 10% from 644 million euros a year ago, albeit above the consensus of 525 million euros.
Its Frankfurt-listed shares were down over 2% in early morning trading after this mixed report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.