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ADIDAS AG

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Adidas 1Q Profit Rose; Guides for Higher Sales

05/07/2021 | 02:15am EDT

By Giulia Petroni

Adidas AG said Friday that profit rose in the first quarter as performance improved across all market segments, and updated its outlook for the full year, guiding for higher sales.

The German sporting-goods company said quarterly net profit was 558 million euros ($673.2 million) from EUR31 million a year earlier.

Sales increased 20% to EUR5.27 billion, driven by solid results in direct-to-consumer revenue and strong e-commerce.

Adidas said it now expects currency-neutral sales to increase by around 50% in the second quarter and at a high-teens rate in 2021.

The company also backed previous guidance for the full year. Its gross margin is expected at around 52%, while the operating margin is expected to increase to between 9% and 10%. Net income from continuing operations is seen at EUR1.25 billion-EUR1.45 billion.

Adidas added that its profitability outlook will temporarily include stranded costs associated with the divestiture of Reebok. In the full year, these costs are expected to amount to around EUR250 million at the operating profit level and should negatively affect net income from continuing operations by around EUR200 million, it said. Only around 30% of the EUR250 million will reoccur in 2022, while in 2023 the stranded costs will be eliminated.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

05-07-21 0215ET

Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG -0.64% 293 Delayed Quote.-1.64%
DJ INDUSTRIAL -0.25% 34393.75 Delayed Quote.12.65%
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Financials
Sales 2021 21 657 M 26 253 M 26 253 M
Net income 2021 1 481 M 1 795 M 1 795 M
Net cash 2021 643 M 780 M 780 M
P/E ratio 2021 38,8x
Yield 2021 1,11%
Capitalization 57 145 M 69 291 M 69 273 M
EV / Sales 2021 2,61x
EV / Sales 2022 2,37x
Nbr of Employees 54 722
Free-Float 86,9%
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 37
Average target price 312,57 €
Last Close Price 293,00 €
Spread / Highest target 23,9%
Spread / Average Target 6,68%
Spread / Lowest Target -32,8%
EPS Revisions
Managers and Directors
NameTitle
Kasper Bo R°rsted Chief Executive Officer
Harm Ohlmeyer Chief Financial Officer & Labor Director
Thomas Hermann Rabe Chairman-Supervisory Board
Martin Shankland Head-Global Operations
Herbert Kauffmann Member-Supervisory Board
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