Adidas Reports Profit Increase In Q1, Raises Guidance

PARIS — A string of hit sneakers with Boost soles seem to be putting bounce in Adidas Group’s financial performance.

The German sporting goods firm reported net income in the first quarter zoomed 38 percent on a sales gain of 22 percent.

Releasing preliminary results on Wednesday, Adidas raised its guidance for 2016. It said net income from continuing operations should increase between 15 percent and 18 percent, up from previous guidance of 10-12 percent.

Sales in currency-neutral terms are expected to grow 15 percent versus a prior forecast of 10-12 percent.

The upgrade goosed shares 5.2 percent in midmorning trading on the Frankfurt stock exchange.

In the three months ended March 31, sales totaled 4.8 billion euros, or $5.29 billion, a 17 percent gain on a currency neutral basis.

Net income totaled 350 million euros, or $386.1 million, while operating profits improved 35 percent to 490 million euros, or $540.5 billion.

Dollar figures are converted from euros at average exchange rates for the three-month period.

Adidas is to publish its full first-quarter results on May 4.

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