Stock markets enjoyed a tentative recovery after better-than-expected Chinese export data, Adidas promises revival after a sluggish quarter. Read more:
) shares stumbled on Thursday after the German sportswear company said profitability will be squeezed in the second half of the year by higher sourcing costs and price cuts to try to revive sales growth in Europe.
Chief Executive Kasper Rorsted said the shortages should be over by the end of the year and have no impact in 2020. Operating profit rose 9% to 643 million euros, also lagging average analyst forecasts for 651 million. Rorsted said Europe should return to growth by the end of the year, saying new shoe launches had been well received, such as 1980s-style Nite Jogger sneakers, Pulseboost running shoes and movie collaborations with Marvel and Toy Story.
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Adidas promises revival after sluggish quarterStock markets enjoyed a tentative recovery after better-than-expected Chinese export data. But shares in Germany's Adidas suffer after its second-quarter results disappointed. Read more:
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