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Global sportwear Group Adidas, which includes the Reebok brand, reported operating profit up +31% to €2.1 billion in 2017, with online sales jumping +57% to €1.5 billion, or about 7% of sales.
Adidas says it expects net profits to rise faster over the next three years than previously targeted. "2017 was a strong year, financially and operationally. We made great progress toward achieving our mission to be the best sports company in the world. Our strategic growth areas, North America, Greater China and Digital Commerce, were the main drivers of our performance," said Kasper Rorsted, CEO, Adidas. "2018 is a key milestone on the road to achieving our long-term targets for 2020. We expect quality growth, with overproportionate bottom-line improvements. This will enable an even stronger increase in profitability by 2020 and allows us to upgrade our long-term target yet again.” The Group said its operating margin will rise to 11.5% by 2020, up from the previous target of 11%.
Adidas shares are reported to have soared on March 14 after the sportswear manufacturer announced the big buyback, gave an upbeat outlook for 2018 and lifted its 2020 profitability forecast. The Group plans to buy back up to €3 billion of its shares, or almost 9% of its share capital, by 2021.
Sources: Reuters/Financial Times