Adidas hikes 2018 profit outlook on top-end shoe success [Reuters (UK)]
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Source: Reuters
Adidas hikes 2018 profit outlook on top-end shoe success | Reuters 3 Min Read BERLIN (Reuters) - Adidas ( ADSGn.DE ) raised its 2018 profit forecast on Wednesday after selling more of its top-end sports shoes, although the German sportswear and fashion firm cut its revenue target due to a fall in sales in western Europe. Chief Executive Kasper Rorsted has focussed on improving profitability at Adidas, which long lagged bigger rival Nike ( NKE.N ), since he took over in 2016, in part by simplifying product ranges and pushing ecommerce, where margins are higher. Shares in Adidas, which have gained 12 percent in the last year, were indicated up 1.9 percent after it said it expects its net income from continuing operations to grow 16 to 20 percent to between 1.66 billion to 1.72 billion euros ($1.90-1.97 billion), compared with previous guidance of 13 to 17 percent. But it cut its 2018 target for currency-neutral sales growth to between 8 to 9 percent from “around 10 percent”. While A
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