Adidas raises FY guidance amid 51% Q2 revenue growth
The group also saw a return to a net income of over €387m (£330m), up from Q2 FY20’s €243m (£207m) net losses
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Adidas has reported a 51% year-on-year growth to group revenues of €5.08bn (£4.33bn) in the second quarter of FY21.
The group also saw a return to a net income of over €387m (£330m), up from Q2 FY20’s €243m (£207m) net losses.
In turn, the multinational company has increased its top and bottom-line outlook for the financial year.
Adidas now expects to achieve a 20% full-year top-line currency-neutral sales growth when compared to FY20, with a full-year gross margin forecast of 52%.
Expected net income has also risen to between €1.4bn (£1.19bn) and €1.5bn (£1.28bn), up from the previously expected €1.25bn (£1.06bn) to €1.45bn (£1.23bn).
Kasper Rorsted, CEO at the company, said: “With sports taking back center stage this summer, we delivered a very successful quarter.
“Driven by the strength of our brand and better-than-expected demand for our products, we saw an acceleration in our top- and bottom-line.”
He added: “Sales in our strategic growth markets EMEA and North America almost doubled.
“This momentum gives us all the confidence to increase our full-year outlook despite the external challenges that our industry continues to face.”
