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Adidas increases sales forecast for return of sporting events

German sportswear company, adidas, officially increased its sales forecast for 2021 earlier this week, expecting the return of sporting events to boost continued demand for new products. adidas now predicts that its sales growth will reach a high percentage of teenagers, with a 50% jump expected in the second quarter.

adidas is banking on the launch of new products like its Ultraboost running shoes designed to be recycled, as well as the return of high-profile sporting events like the Premier League and the Copa America.

adidas reported that sales had jumped 156% in greater China in the first quarter of 2021 alone, despite only a year after the start of the coronavirus pandemic. By the end of the first quarter, 89% of adidas stores were reopened globally. The company has reported a decline in its shares in recent weeks, fueling concerns about its sales in China. However, adidas appears to have risen, with shares rising 7% this week, while its shares in Puma also rose 1.8%.

First-quarter adidas sales rose 20% to US $ 6.35 billion, beating analysts’ forecasts. Net profit also increased to approximately US $ 610 million. The company is sticking to its forecast for 2021 net income resulting from the expected rise in operations to at least US $ 1.52 billion.

In other fashion news, discover the latest collection of RIMOWA accessories with three new models of bags for a briefcase, a messenger bag and a flat pouch.

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