Adidas Profit Tops Forecasts as Shoemaker Seeks to Stem Woes
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Adidas AG reported third-quarter profit that beat analysts’ reduced estimates, providing some relief for Chief Executive Officer Herbert Hainer as he seeks to turn the company around in his last two years at the helm.
Net income fell 11 percent from a year ago to 282 million euros ($353 million), the Herzogenaurach, Germany-based sporting-goods maker said in a statement today, compared with the average 268.4 million-euro estimate of analysts surveyed by Bloomberg. Sales increased 6.2 percent to 4.1 billion euros, beating analysts’ 4 billion-euro estimate.