By Kim Richters
Adidas AG on Thursday raised its full-year outlook after swinging to profit and seeing higher sales in the second quarter.
The German sporting-goods company's net profit came in at 397 million euros ($470 million) in the three-month period, compared with a loss of EUR295 million a year earlier.
Sales increased 51.5% to EUR5.08 billion.
"From a channel perspective, the company's top-line increase was characterized by a strong recovery from the material revenue decline in its physical distribution channels during the second quarter of 2020, when the global coronavirus pandemic had caused a very large number of temporary store closures," it said.
Wholesale revenues and sales in the company's own-retail stores grew at a high-double-digit rate, while e-commerce revenues fell 14% in the second quarter 2021.
For the full year 2021, Adidas now expects currency-neutral sales to grow up to 20% compared with 2020 and net income from continuing operations to be between EUR1.4 billion and EUR1.5 billion.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
08-05-21 0213ET