Adidas: Operating profit up 77%; gets nod for FDI in India

Adidas

Adidas, a German sports goods and sportswear retailer, has reported a rise of 77 per cent in its operating profit in the second quarter of the year to € 414 million. The company’s revenues also increased by 21 per cent Y-O-Y on a currency neutral basis and 13 per cent in Euro terms to € 4.4 billion in the reporting quarter.

Subsequently, the net income from continuing operations surged 99 per cent to € 291 million in the second quarter as against € 146 million in the prior year’ second quarter. “Basic earnings per share from continuing and discontinued operations totalled to € 1.45 in the quarter under review, reflecting a 100 per cent increase over the earlier year’s second quarter,” mentions Adidas.

Also Read – Adidas’ Q1 revenue soars

Post a fruitful second quarter, the company is expecting its currency-neutral sales to grow at a rate in the high teens in 2016 after its revised full year outlook. Adidas has projected its net income from continuing operations to increase at a rate between 35 and 39 per cent against the formerly announced 25 per cent increase.

It may be mentioned here that Adidas India has received Government’s approval to bring in Foreign Direct Investment (FDI) in retail through its existing wholesale entity to open 30-50 more outlets by the year 2020, reports a leading Indian daily.

 
[source :-apparelresources]