Executive Summary

• Adidas pre-announced stronger-than-expected revenue growth for 2Q17. Revenues were up 20%, versus the 12% growth expected by analysts, and up by 19% on a constant-currency basis.
• EBIT grew by 18% to €505 million, versus the consensus estimate of €430 million. Net income from continuing operations grew by 16% to €347 million, versus the consensus estimate of €298 million.
• Adidas raised its guidance for FY17. The company now expects currency-neutral revenue growth of 17%–19%, versus 12%–14% growth previously, while guidance for net income went from 13%–15% to 26%–28%.