German sportswear firm Adidas H1 sales climb 34%; lifts FY21 outlook

05 Aug '21

2 min read

Pic: Adidas

First half (H1) sales at German manufacturer of shoes, clothing and accessories, Adidas rose 34 per cent to €10.3 billion compared to €7.7 billion in the corresponding period of previous fiscal. Given the accelerating top-line momentum, the company now expects FY21 sales to increase 20 per cent, driven by strong double-digit improvements in all markets.

“With sports taking back centre 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,” Kasper Rorsted, Adidas CEO, said in a press release.

The operating profit for the six-month period totalled €1.2 billion (loss: €215 million). EBITDA surged 324 per cent to €1.8 billion (€425 million), while net income from continuing operations were €890 million (loss: €217 million).

Sales from EMEA during H1 FY21 increased 38 per cent to €3.7 billion (€2.7 billion), and North America sales were up 27 per cent to €2.4 billion (€1.9 billion). Moreover, sales in China and Asia Pacific regions soared to €2.4 billion and €1.1 billion respectively.

“In the absence of any major delay in the pandemic recovery or other macroeconomic shocks, we expect the global sporting goods industry to recover notably in 2021. Consumer confidence is forecast to rebound amid widespread vaccination and effective pandemic management as well as major sports events returning to the global stage,” the German sportswear firm said in a statement.

Fibre2Fashion News Desk (JL)

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