Adidas disappointed with quarterly results so weak as to lead the sportswear group to revise its revenue growth estimates for the current year. In fact, the company closed the second quarter with revenues of 3,38 billion euros, down 3,8% compared to the same period in 2012 and below analysts' expectations at 3,42 billion.
Sales decreased due to weak performance in Western Europe, as also underlined by Equinet analysts, and an unfavorable currency exchange. Net profit grew by 4% to 172 million euros, but also in this case the figure disappointed the market which had expected 175,8 million. In the wake of the disappointing quarterly numbers, Adidas has revised downwards its sales growth guidance for the whole of 2013, now estimated at between 0 and 5%.
“The group's goals for the full year will be more difficult than initially anticipated,” underlines the company. The top management, for 2015, sees revenues of 17 billion euros. The top management confirmed the 2013 profit target and instead revised upwards the forecast on the gross margin, now estimated at between 48,5 and 49% (previously expected at between 48 and 48,5%).
