Adidas Lifts Outlook On Olympics, Football Seasons
Muhammad Rameez 1 month ago Thu 05th August 2021 | 01:41 PM
German sportswear brand Adidas on Thursday bumped up its earnings outlook for the year, as it expects the Olympics and the upcoming European and American football seasons to boost its sales
Frankfurt (APP - UrduPoint / Pakistan Point News - 5th Aug, 2021 ) :German sportswear brand Adidas on Thursday bumped up its earnings outlook for the year, as it expects the Olympics and the upcoming European and American football seasons to boost its sales.
The optimistic prediction was made despite "Covid-19-related lockdowns, industry-wide supply chain challenges and the geo-political situation", Adidas said in a statement.
"Driven by the strength of our brand and better-than-expected demand for our products, we saw an acceleration in our top- and bottom-line," Adidas CEO Kasper Rorsted said in a press release.
"This momentum gives us all the confidence to increase our full-year outlook despite the external challenges that our industry continues to face." The group saw improved sales in all regions except China, which dipped by 16 percent compared with the same three-month period, although the company said the drop reflected a strong recovery in the second quarter last year.
By contrast, in Europe and North America, sales were up year on year by 99 percent and 87 percent, respectively.
Adidas said it expected an acceleration in sales in the second half of the year "fuelled by an array of innovative product releases" and major sports events like the current Olympic games in Tokyo and the start of the American football and European club football seasons.
The company will continue to carry the costs from its intended sale of the Reebok, announced in February as part of a five-year turnaround plan, with 200 million euros set aside for the cost of divesting from the brand.