Adidas (ETR: ADS) FY17 and 4Q17 Results: Another Strong Year, but Profits Dented by US Tax Impacts

Executive Summary

• Adidas grew FY17 group revenues by 16% at constant currency, but revenues were just shy of analysts’ expectations.
• Operating profit of €2.1 billion was up 30.8% year over year and was slightly above the consensus estimate.
• In FY18, the company expects to grow sales by approximately 10% excluding currency effects and to increase operating profit by 9%–13%.