Print Edition - 2017-03-09  |  Money Digest

Adidas posts record profit


Mar 9, 2017-

Shares in German sports goods maker Adidas leapt in Frankfurt on Wednesday as the firm reported record profits for Olympic and European Championship year 2016 and offered confident forecasts. Adidas stock gained up to 8.0 percent in early Frankfurt trading, before falling back to 171.70 euros ($181.27), 7.5 percent higher than they opened, just before 0845 GMT. The Bavaria-based firm earlier said it increased net profit by 60.5 percent, to 1.02 billion euros ($1.07 billion), topping a billion for the first time in its history and beating both its own forecasts and analyst predictions. Chief executive Kasper Rorsted hailed 2016 as an “exceptional year” for Adidas, with double-digit growth in almost all regions of the world. Adidas increased operating, or underlying profit 41 percent to almost 1.5 billion euros, on revenues of 19.3 billion euros, up 14 percent over 2015’s figure. 

Published: 09-03-2017 09:48

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