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German sports fashion producer Adidas has had an exceptionally strong second quarter as turnover grew an astonishing 20 %. Based on those results, the company has adjusted its full-year forecast.
Growth everywhere, except in Russia
Adidas’ total second quarter turnover reached 5.04 billion euro, with a 21 % growth for the Adidas brand and a 5 % growth for Reebok. Adidas owed its own performance to a double-digit growth in the “running” category and excellent Adidas Originals and Adidas Neo sales. Reebok’s results were negatively influenced by efforts to get its American distribution back on track.
Adidas grew in every region except for Russia, where turnover dropped 11 %. China and North America posted the strongest growth rates, respectively at 28 and 26 %. Western Europe also proved to be a growth area for the sporting brand, with a 19 % surge, even though the European Championship football in 2016 was supposed to be a difficult base for comparison.
The company’s net profit grew 16 % to 347 million euro, meaning Adidas achieved a 809 million euro profit in the first half of 2017. The good performance in the first half of 2017 has prompted Adidas to adjust its full-year forecast: turnover growth should be between 17 and 19 % (previously 12 to 14 %). Net profit should grow 13 to 15 %, to a sum between 1.2 and 1.225 billion euro.
