Adidas Sees 2021 Earnings at Low End of Guidance; 3Q Sales Weighed On by China
10 Novembro 2021 - 04:31AM
Dow Jones News
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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