By Joshua Kirby 
 

Adidas AG said Wednesday that revenue growth slowed in the third quarter as supply squeezes and a difficult environment in China dragged sales, and that it now expects its full-year top and bottom lines to be at the lower end of guidance.

Third-quarter sales came to 5.75 billion euros ($6.67 billion), 3.4% higher at constant currency than the same period last year, the German sportswear company said. The figure is in line with analysts' expectations, according to a consensus provided by the company, and represents a sequential slowdown from the big double-digit increase recorded the previous quarter.

Net income from continuing operations was 10% lower at EUR479 million, while operating profit fell to EUR672 million. This equals an operating margin of 11.7%, higher than the 11.2% foreseen by analysts, according to the same consensus.

Adidas backed its guidance for 2021 on revenue and earnings. However, the company now expects full-year sales to come in at the lower end of guidance of "up to 20%," while its net profit and operating margin will also be at the lower end of guided ranges, Adidas said.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

November 10, 2021 02:16 ET (07:16 GMT)

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