After a 52 percent increase in Q2 revenue, German sportswear retailer Adidas has raised its outlook for the remainder of the year.
The retailer has improved its outlook for the second time this year, boosted by the strong performance throughout the period.
Adidas said in a statement to the media that it grew despite periodic protracted lockdowns in the Asia-Pacific region, which together lowered currency-neutral sales growth in Q2 by a low-double-digit pace.
Kasper Rorsted, CEO of adidas, commented on the company’s top- and bottom-line growth, saying, “With sports taking centre stage this summer, we delivered a really successful quarter.”
The CEO went on to say that the company’s top- and bottom-lines accelerated as a result of the strength of adidas’ brand and higher-than-expected demand for its products.
The retailer’s sales increased by 52% to £4.3 billion in the second quarter, with a quarterly operating profit of £461 million.
So, it’s hardly unexpected that, despite all the uncertainty and challenges that the retail industry is still facing, the American retailer raised its full-year outlook.
According to the latest forecast, the company anticipates sales to increase by up to 7% in the second half of the year. The operating margin is predicted to increase by 9.5 percent to ten percent.
The German retailer, set up in 1924, specializes in clothing, shoes, and fashion accessories. it brought in €21.915 billion in 2018.
