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Adidas (ADDYY) Reports Robust Q2 Earnings & Revenues
Sporting goods company, Adidas AG (ADDYY - Free Report) came out with second-quarter 2016 results, wherein the company’s net income from continuing operations nearly doubled to €291 million ($328.6 million).
For 2016, management envisions net income to rise to €975 million - €1.0 billion.
Revenues: Adidas generated net sales of €4,422 million ($4,993.4 million) that advanced 13.2% year over year. The Zacks Consensus Estimate stood at $4,961 million. Group sales jumped 21% on a currency-neutral basis, backed by strong performances by adidas and Reebok.
Management anticipates currency-neutral Group sales to jump at a high-teens rate in 2016.
Zacks Rank: Currently, Adidas carries a Zacks Rank #1 (Strong Buy) which is subject to change following the just released earnings results.
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