July 30 (Reuters) – German sportswear maker Adidas on Thursday raised its sales forecast for the year after second-quarter revenue beat expectations, boosted by the soccer World Cup and strong consumer demand for its latest retro styles.
It now expects revenues to grow by a currency-adjusted 9% to 10%, compared with a previous guidance for high single-digit growth.
It still expects operating profit to increase to around €2.3 billion this year.
Quarterly revenues grew by a currency-adjusted 14% to €6.74 billion ($7.72 billion), above the €6.63 billion projected by analysts in a company-compiled poll.
However, operating profit in the April to June period missed expectations as Adidas spent 30% more on marketing due to World Cup campaigns. It rose by 5% to €574 million, below an analyst consensus of €623 million.
In a separate statement, Adidas said it appointed Birgit Kretschmer to succeed Harm Ohlmeyer as chief financial officer at the end of the year, following Ohlmeyer’s decision not to extend his current term.
(Reporting by Linda PasquiniEditing by Ludwig Burger)
