BERLIN (dpa-AFX) - adidas (ADDYY.PK, ADDDF.PK) reported that its third-quarter net income attributable to shareholders climbed 76.0% to 960 million euros from last year's 545 million euros, with earnings per share improving to 4.94 euros from 2.80 euros in the prior year.
But, net income from continuing operations declined 10.4% to 479 million euros from 535 million euros last year.
Quarterly net sales grew 3.4% to 5.75 billion euros from 5.56 billion euros in the prior year. Currency-neutral sales were up 3%, despite 600 million euros drag from external factors.
During the third quarter, adidas signed an agreement to sell the Reebok brand to Authentic Brands Group for a total consideration of up to 2.1 billion euros.
adidas confirmed its top- and bottom-line outlook for 2021, despite several external factors continuing to weigh on industry-wide demand and supply.
While the company continues to expect currency-neutral revenues to increase by a rate of up to 20%, growth is now anticipated to come in at the lower end of this range due to the longer-than-expected sourcing disruptions as well as the challenging market environment in China.
Consequently, both annual operating margin and net income from continuing operations are also forecasted to reach the lower end of the previously communicated ranges. Previously, the company expected operating margin of between 9.5% and 10%; and net income from continuing operations of 1.4 billion euros - 1.5 billion euros.
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