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|Day's range||258.25 - 261.05|
|52-week range||106.50 - 268.35|
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GBL and Adidas, whose shares hit record highs on Tuesday, declined to comment. Adidas is in the midst of a share buyback, planning to repurchase 3 billion euros in stock between March 2018 and May 2021, which has gradually pushed up GBL's relative stake. Adidas share price has more than doubled since GBL invested in the company as CEO Kasper Rorsted focused on improving profitability, expanding in North America and China and boosting online sales.
The sporting goods retailer has warned it's going to be a while yet before growth returns.
MADRID (AP) — Adidas says Spain's soccer federation has no grounds for terminating its contract with the sports apparel company, and will fight to keep the agreement in place.
Nike and Adidas Urge President Trump to Reconsider TariffsThe escalating trade war has the footwear industry worriedYesterday, dozens of shoe retailers—including big names Nike (NKE) and Adidas—sent an open letter to President Trump
MADRID (AP) — Spain says it is ending its soccer contract with Adidas and has opened negotiations with other apparel companies.
Adidas will extend its sponsorship of Spanish soccer side Real Madrid until 2028, the German sportswear firm said on Wednesday, as it battles fierce competition in Europe from Nike and a resurgent Puma. Adidas has seen its leadership in soccer eroded in recent years by the advance of its bigger U.S. competitor Nike, which sponsors Real Madrid's arch rivals Barcelona and is reportedly in talks with Liverpool, second in the English Premier League. It also underpins Adidas' leadership in the football category," Chief Executive Kasper Rorsted said in a statement.
Sales excluding currency movements rose 4 percent in the first quarter, with growth in China and from the internet offsetting sluggish revenues elsewhere. Operating profit was much better than expected, rising 17 percent to 875 million euros ($975.9 million). More-efficient sourcing and favorable currency movements boosted the gross margin, which in turn lifted the operating margin. It sees sales growth excluding currency movements of 5 percent to 8 percent, and the operating margin rising from 10.8 percent in 2018 to between 11.3 percent and 11.5 percent.
Adidas reported a forecast-beating rise in quarterly profits on Friday, helped by booming online sales, and said it hoped to fix supply chain problems in the North American market and revive growth in Europe by the end of the year. Shares in the German sportswear maker, which have risen by a quarter this year, jumped 7 percent to a new record high, with the sector also buoyed by Under Armour Inc raising its full-year earnings forecast on Thursday. The group's profitability has long lagged that of bigger rival Nike, but has improved under Chief Executive Kasper Rorsted, who has focused on expanding in North America and Asia and pushing online sales, where margins are higher than wholesale.
The University of Kansas and Adidas announced Wednesday an extension of their contract through 2031, despite an FBI investigation centered on the footwear and apparel company that cast a negative light on the Jayhawks' athletic programs. The Jayhawks have worn Adidas gear since 2005. The original eight-year agreement was extended by six years through 2019, then another extension was put on hold last fall amid the investigation.
Adidas expects supply chain issues to curb sales growth in the first half of the year, particularly in North America, where it has doubled its business in the last three years to take market share from bigger rival Nike. Adidas has put a big focus on the U.S. market in recent years, teaming up with celebrities such as Kanye West and Pharrell Williams, poaching designers from Nike and pushing retro styles that have proved more popular than Nike's basketball shoes. "The volume grew quicker than anticipated and we didn't respond quickly enough to that demand signal," Rorsted told a news conference as Adidas presented 2018 results.
On Wednesday it forecast slower sales growth for 2019. Shares in Adidas fell as much as 6 percent before recovering slightly. To stand any chance of closing the gap, Adidas must reignite sales growth in Europe.