Adidas shrugs off China worries, raises outlook

Reuters Videos
3 年前

Germany this week unveiled the outfits for its Olympic athletes.

Maker Adidas will be hoping the gear is another big money spinner.

Because the firm is feeling increasingly bullish about 2021.

Adidas on Friday (May 7) raised its outlook for sales this year.

It now expects a jump of 50% in the second quarter, and percentage growth rates in the high teens for the year as a whole.

Besides the Olympics, it expects a boost from big sports events like the European soccer championships.

It's also hopeful about new products like its recyclable Ultraboost running shoes.

China is the one worry.

Western brands including Adidas and rival Nike have faced online attacks over past comments saying they would not source cotton from Xinjiang.

That after reports of human rights abuses against the region's Uyghur Muslims.

Adidas did not mention that Friday, beyond saying its outlook took into account the geopolitical situation.

The German giant's first quarter sales jumped by a fifth, hitting $6.35 billion.

That was better than analysts had forecast.

Adidas shares leapt over 7% in morning trade.