Adidas 3Q Net Profit, Sales Fell But Beat Estimates
November 10 2020 - 02:21AM
Dow Jones News
By Mauro Orru
Adidas AG said Tuesday that net profit and sales for the third
quarter fell but still beat analysts' expectations.
The German sporting-goods company said third-quarter net profit
fell to 546 million euros ($645.1 million) from EUR646 million for
the third quarter of 2019, while operating profit decreased to
EUR794 million from EUR897 million.
Sales for the period slipped to EUR5.96 billion from EUR6.41
billion.
Analysts expected net profit of EUR527.5 million, operating
profit of EUR725 million and sales of EUR5.94 billion, according to
FactSet.
The company said new lockdown policies in several countries
aimed at curbing a second wave of the coronavirus pandemic harmed
its global store-opening rate, which recently fell to 93% from 96%
at the end of September.
Adidas said it expects its top line to develop similarly in the
fourth quarter as it did in the third quarter, projecting a low- to
mid-single-digit currency-neutral revenue decline.
Operating profit for the fourth quarter should be between EUR100
million and EUR200 million, it said.
Adidas assumed no additional major lockdowns for the new
outlook, a store-opening rate above 90% and no further material
slowdown of global store traffic.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
November 10, 2020 02:06 ET (07:06 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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