German sportswear retailer adidas raises its outlook for rest of the year after Q2 revenue jumps by a good 52 per cent.
Buoyed by the impressive performance during the period, the retailer has raised its outlook for the second time this year.
In a statement released to media, adidas said that it attained growth despite frequently extended lockdowns in the Asia-Pacific region, which together reduced currency-neutral revenue growth by a low-double-digit rate in Q2.
Talking about acceleration in top- and bottom-line, Kasper Rorsted, CEO, adidas, said “With sports taking back centre stage this summer, we delivered a very successful quarter.”
The CEO further averred that driven by the strength of adidas’ brand and better-than-expected demand for its products, the company saw acceleration in their top- and bottom-line.
Q2 saw the retailer’s sales jump by 52 per cent to £4.3 billion with a quarterly operating profit of £461 million.
So it wasn’t surprising to see the American retailer raise its full-year outlook amidst all the uncertainties and challenges that the retail world is still facing today.
As per the new outlook, the retailer expects sales growth of up to 7 percent in the remaining half of the year. The operating margin is expected to rise somewhere between 9.5 per cent and 10 per cent.
The German retailer was founded in 1924 and is known for apparels, shoes and fashion accessories. It generated €21.915 billion in 2018.
