Adidas on Thursday confirmed higher targets for sales and profit this year, citing strong business throughout the company’s important markets over the second quarter.
The German activewear giant, which in July released preliminary results for the quarter as well as the target increases, said that net profit from continuing operations rose 16 percent to 347 million euros for the period.
Sales over the quarter jumped 19 percent excluding currency effects, handily beating consensus expectations of 14 percent, according to UBS.
The company last week said it was raising its sales target for the year to between 17 and 19 percent, an increase from its previous expectations of between 12 and 14 percent.
Including the contribution from TaylorMade, Adams Golf, Ashworth and CCM Hockey, brands that are being sold, net profit fell 46 percent over the quarter. The company is selling the golf and hockey brands in order to focus on its main brands: Adidas and Reebok.