Adidas raises outlook despite the ongoing lockdowns
Currency-neutral sales at the company rose 27%
Stocks impacted: Adidas (ADDYY)
German sportswear company said that profit rose in the first quarter and raised its 2021 sales outlook. The giant expects strong demand for new products despite ongoing lockdowns in Europe. According to the firm, the acceleration would be driven by new products and big sports events like the European soccer championship and the Copa America. Net profit was 558 million euros from 31 million euros a year earlier while sales increased 20% to 5.27 billion euros. Its gross margin is expected at around 52%, while the operating margin is expected to increase to between 9% and 10%. Currency-neutral sales at the company rose 27% over the period. Adidas also said that it had seen sales jump 156% in greater China in the first quarter.
Make profit n it right now!