Adidas hikes outlook despite hit to China sales
German sportswear company Adidas raised its outlook for full-year sales and profitability on Thursday (August 5).
Its confidence was underlined by the planned launch of products such as new versions of its popular NMD sneakers.
As well as events like the Olympics, and the start of the club soccer season in Europe.
Second-quarter sales rose 52% to over $6 billion.
While operating profit came in at about $643 million.
Adidas now expects 2021 sales to grow up to 20%.
But while demand soared in most of the world, it took a hit in China, where Western brands faced a boycott of their products in late March.
Firms including Adidas have been subjected to online attacks in China over past statements saying they would not source cotton from Xinjiang.
The region has been at the centre of accusations of human rights abuses against Uyghur Muslims.
Beijing denies all such allegations.
Adidas said in May it had initially seen a steep drop in demand in China, but sales had since recovered slowly but steadily.
It did not comment on the tension on Thursday, beyond referring to the "geo-political situation."
