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PHOTO OF FILE: August 1, 2018; Atlanta, GA, USA; An Adidas football on the pitch before the 2018 MLS All Star match between the MLS All-Stars and Juventus at the Mercedes-Benz stadium. Mandatory Credit: John David Mercer-USA TODAY Sports / File Photo
BERLIN (Reuters) – The German sportswear company Adidas (ADSGn.DE) raised its earnings guidance for 2018, citing a strong financial performance in the first nine months of the year, but reduced its revenue targets due to weaker-than-expected growth in Western Europe.
While Adidas takes market share in Nike, its biggest rival (NKE.N) in North America, the US company gained ground in Europe, the Middle East and Africa, where sales increased 9% in the quarter ended August. [nL4N1WC4II]
Adidas had already warned that sales in Western Europe would probably remain stable in the second half of the year, after the company had not focused enough on new product launches.
The group said Wednesday that its net profit from continuing operations increased by 16 to 20 percent, from 1.66 billion to 1.72 billion euros, against 13 to 17 percent previously.
It is now expecting its neutral currency sales throughout the year to increase by 8 to 9%, less than previously forecast, an increase of about 10%. %.
Revenues for the third quarter increased 8 percent to 5.873 billion euros, against 5.92 billion euros expected by analysts, while net income from continuing operations jumped 19 percent to 656 million euros. euros, exceeding the consensus of 619 million euros. [nL8N1XG4X5]
(1 USD = 0.8731 euros)
Report by Maria Sheahan and Emma Thomasson, edited by Riham Alkousaa and Sherry Jacob-Phillips
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