Adidas (DB: ADS) 2Q19 Results: Double-Digit Revenue Growth in E-Commerce and in China

Executive Summary

• Adidas reported 4% currency-neutral 2Q19 revenue growth driven by high-single-digit growth in its sport inspired business. Revenues rose 5% to €5.51 billion.
• Asia Pacific sales grew 8% on a currency-neutral basis, driven by the strong 14% pace set in greater China.
• The company reconfirmed FY19 guidance: Sales growth of 5-8% on a currency-neutral basis and net income from continuing operations of €1.88-1.95 billion.