for subscribers

Adidas raises forecasts as profit beats estimates

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Frankfurt - Adidas raised its forecasts for 2015 and reported third-quarter earnings that topped analysts’ estimates as the German sportswear maker sold more sneakers in western Europe and China.

Net income from continuing operations and adjusted for goodwill impairment will rise about 10%, Herzogenaurach- based Adidas said in a statement on Thursday.

The company previously forecast 7% to 10% growth. Third- quarter profit was €311m. Analysts expected €301m, according to the average of estimates compiled by Bloomberg.

“We are reaching the 2015 goal line much faster than we had anticipated,” CEO Herbert Hainer said. Adidas is seeking a successor to its CEO of almost 15 years, and some investors are pressing for an outsider to revamp the company.

Hainer is trying to turn around Adidas after a dismal 2014 by concentrating marketing in the US and in key global cities including London and Shanghai. It’s streamlined its all- important soccer shoe lineup and seeking a buyer for parts of its struggling golf business.

Last week, Nassef Sawiris, Egypt’s richest man, emerged as Adidas’ biggest shareholder.

Sawiris, whose NNS Holding owns 6% of the voting rights, has taken an active role at companies he buys stakes in, including cement maker LafargeHolcim and building-materials company Texas Industries.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
17.04
(-0.38)
ZAR/GBP
21.81
(-0.11)
ZAR/EUR
19.90
(-0.12)
ZAR/AUD
12.03
(-0.12)
ZAR/JPY
0.16
(-1.12)
Gold
1860.65
(+0.03)
Silver
22.87
(+0.11)
Platinum
844.51
(+0.50)
Brent Crude
42.23
(-0.12)
Palladium
2207.00
(+0.59)
All Share
53587.11
(-1.22)
Top 40
49547.74
(-1.16)
Financial 15
9401.28
(-1.95)
Industrial 25
72949.70
(-1.72)
Resource 10
53453.42
(-0.10)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1368 votes
It depends on how the funds are used.
73% - 8867 votes
No. We should have gotten the loan elsewhere.
16% - 1959 votes
Vote