Adidas: share kick starts on a better outlook

(CercleFinance.com) - Sporting goods group Adidas' Q1 sales rose by 20% to 5.
268 billion euros (vs. 4.381 billion euros in Q1 2020).

Its gross margin increased by 2.1% to 51.8% (49.7% in 2020).

Operating profit came in at 704 million euros (48 million euros in 2020). Net profit from continuing operations reached 502 million euros (vs. just 26 million euros a year ago), while EPS reaches 2.60 euros (vs. a token 0.16 euro a year ago).

Net profit from continuing operations is expected to increase to 1.25 to 1.45 billion euros in 2021 (vs. 461 million euros in 2020). The company expects to post high sales growth in 2021. The group is sticking to its FY gross margin forecast of around 52.0% (vs. 50.0% in 2020), while it still expects its operating margin to between 9% and 10% (vs. 4.0% in 2020).

The share is currently up over 7% in Frankfurt.


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