Adidas Sales, Profit Top Estimates as Turnaround Plan Begins
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Adidas AG reported first-quarter sales and profit that exceeded estimates on strong sales of running shoes and streetwear as outgoing Chief Executive Officer Herbert Hainer lays the groundwork for a turnaround.
Sales surged 17 percent to 4.08 billion euros, Adidas said Tuesday, beating the 3.9 billion-euro average estimate. Operating profit rose 12 percent, sending the stock up as much as 3.3 percent in Frankfurt.