Adidas AG posted second-quarter revenue and profit that beat analyst expectations on growth in America and Asia that got a boost from the World Cup.
Revenue adjusted for currency swings rose 10 per cent to 5.26 billion euros (US$6.1 billion), driven by a 12 per cent gain at its namesake shoe brand, the Herzogenaurach, Germany-based company said in a statement Thursday. Analysts on average predicted 5.17 billion euros.
Adidas saw double-digit growth in North America, Asia-Pacific, Latin America and Russia. It also reiterated a forecast for 10 per cent currency-adjusted sales growth this year.
“We delivered another strong quarter on the back of a successful World Cup activation,” Chief Executive Officer Kasper Rorsted said in the statement.
Adidas is riding the wave of “athleisure” wear, benefiting from increased popularity of athletic apparel worn outside of gyms and tracks, along with a push for healthier lifestyles and a rising middle class in China.
Adidas shares are down 1.5 per cent in the past year, compared with gains of more than 15 percent for Puma SE and 34 percent for Nike Inc.