Adidas Q3 Profit Down 1.8%; Confirms Full-year Outlook

Adidas (ADDYY.PK, ADDDF.PK) reported that its third-quarter net income attributable to shareholders decreased 1.8 percent to 646 million euros from 658 million euros in the prior year. But, earnings per share were 3.27 euros, same with last year.


"We confirm our full-year outlook and remain confident about a significant top-line acceleration during the fourth quarter. 2019 will be a record year, despite some challenges, and another important milestone toward achieving our 2020 targets," said Kasper Rorsted, Adidas CEO.


Net income from continuing operations for the third-quarter decreased about 2% to 644 million euros from last year's 656 million euros. The latest-quarter result included a negative impact from the adoption of IFRS 16 of 15 million euros, reducing year-over-year net income growth by about 2 percentage points.


But, quarterly revenues grew 9.1% to 6.41 billion euros from 5.87 billion euros in the prior year.


Currency-neutral revenues for the quarter grew 6%. Revenues at the adidas brand also increased 6%. This improvement reflected high-single-digit growth in Sport Performance, driven by increases in the training, running and outdoor categories.


For 2019, the company continues to expect sales to increase at a rate of between 5% and 8% on a currency-neutral basis with a significant sequential top-line acceleration during the fourth quarter. Net income from continuing operations is projected to increase to a level between 1.88 billion euros and 1.95 billion euros, reflecting an increase of between 10% and 14% compared to the prior year level of 1.709 billion euros.

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