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Sports adidas share at high since February: adidas still does not dare to make a forecast for 2020 - confirms Q3 outlook

15:11  11 august  2020
15:11  11 august  2020 Source:   finanzen.net

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Adidas shares drop on disappointing results, sticks to outlook . Adidas had already warned in March that supply chain issues would hit sales growth in the first half, citing particular problems meeting North America demand for mid-market clothing.

Hannelore Foerster/Getty Images © Provided by Finanz.net GmbH Hannelore Foerster / Getty Images "Unfortunately, the further course of the coronavirus pandemic and the associated further development of the global economy and consumer behavior cannot be foreseen," adidas boss Kasper Rorsted told the shareholders on the occasion of the virtual general meeting according to the speech. "That is why we are currently unable to give a forecast for 2020 as a whole. However, we feel well prepared for all challenges." After a low point in the second quarter, "we are now seeing light at the end of the tunnel".

Rorsted reaffirmed the expectations for the third quarter that the sporting goods company from Herzogenaurach published last week with its results for the second quarter. As a result, adidas expects a return to operating profit in the third quarter after a loss in the second quarter. This should be between 600 and 700 million euros, which would correspond to an improvement of around 1 billion euros from the second quarter loss of 333 million euros.

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Adidas is forecasting a revenue impact of as much as billion in the first quarter of 2020 due to sales declines in China during the first months of the Adidas first teamed up with Parley in 2015 and gradually ramped up production of shoes using plastic collected on beaches and coastal regions to

Adidas shares were down 1.2% in early trade and have fallen more than a third since the coronavirus pandemic started. It said it could not provide an outlook for the year given the uncertainty over when closed stores might reopen. Adidas said more than 70% of its stores were currently closed worldwide

In addition, the decline in sales in the third quarter will be "significantly less" than in the second quarter and compared to the same quarter of the previous year will be roughly "in the mid to high single-digit range", affirmed Rorsted.

Currently, fewer customers are coming into the shops because of the Corona security requirements, but they are buying more.

adidas plans to repay the 3 billion euro loan with the participation of the state-owned KfW as soon as possible, said Rorsted. "Of course we will repay the used parts of the loan including interest and fees as soon as possible."

Rorsted was self-critical of the shareholders about the company's decision to have its rent hourly due to corona-related businesses. "The decision to let us hour the rent was not a good one. We had to take a lot of criticism from politics and society for it," said the CEO. "We quickly revised the decision and apologized publicly in all forms."

Adidas Originals brings back the legendary AZX series and this is the first release

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Adidas has made management changes in western Europe after the company failed to focus enough on the launch of new products, Rorsted said, adding Rorsted has given Reebok until 2020 to return to profitability and said it should be helped by a new partnership with British designer Victoria Beckham.

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Rorsted also expressed himself self-critically to allegations, especially of black employees in the USA, in personal conversations that there were not enough equal opportunities and development opportunities for everyone in the company.

"That is not acceptable. It is therefore a priority for us to develop adidas into an even more diverse and inclusive company." A number of measures have been committed and progress will be reported. The measures include a global committee to accelerate inclusion and equality, a paid vacation day in the US on June 19 to commemorate the liberation of slaves in the US, and goals for a stronger representation of blacks and Latin Americans in the US -Workforce. In addition, adidas annually finances 50 university scholarships for black students in the USA and is investing 120 million US dollars there by 2025 to fight racism and support black communities.

adidas shareholders criticize handling of corona crisis and accusations of racism

Adidas expects better times again after losses

 Adidas expects better times again after losses

(Why did Adidas tick down from April to May? Market fluctuates from month to month, and it’s a zero-sum game where one brand’s rise means a dip for others; you basically can’t fairly To be sure, Nike is still the top sports apparel dog in America. It sells more shoes in the US than Adidas , plain and simple.

Nike and Adidas are two of the largest footwear companies in the world. Trefis captures trends in key operating metrics for Nike vs. Adidas in an interactive dashboard, highlighting how Adidas has been able to close the gap on the market leader over recent years through an increased marketing spend.

Several adidas shareholders, including three large institutional investors, criticized the DAX Group's handling of the corona crisis and allegations of racism at this year's annual general meeting.

The fund manager

DWS

would like to know, according to the catalog of questions published in advance, at the shareholders' meeting from adidas management why the decision to suspend the share buyback was only made at the end of March, "if the effects of the COVID-19 pandemic on future sales have been going on since January. and yield losses ". In addition, the company's announcement that it would suspend rental payments made it clear that Corona would put a strain on the Group's economic situation. It triggered an unprecedented "storm of indignation" that "severely damaged" trust in the adidas brand, according to DWS. A spokesman did not want to reveal how much of the shares DWS represents in adidas.

Deka Investment criticized, among other things, that adidas did not have a credit rating in the midst of the Corona crisis. "However, the required credit rating should have been obtained much earlier. Then state aid would have been avoided," says Ingo Speich, Head of Sustainability & Corporate Governance at Deka Investment. He welcomed the planned replacement of the state loan with corporate bonds still to be issued. According to its own information, Deka represents 1.878 million shares or 0.9371 percent of the company's share capital.

Sneakers: These Adidas Ninja Superstars are the trend in Summer 2020

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Adidas is still gaining market share on Nike and Under Armour, as the brand reports strong profits for the first quarter. The smaller brand does come out in the top spot in one other arena, however: A recent study from analytics firm Brandwatch found that Adidas has the most shared logo on social

Adidas shares hit record high after profits beat expectations. Adidas warned in March that it expects supply chain issues to curb sales growth in the first half of the year, particularly in North America, where it has doubled its business in the last three years to take market share from bigger

Several shareholders wanted to know from the management how they intend to make their supply chains more crisis-proof in the future.

Among other things, the fund manager Union Investment, which holds around 1.3 percent of adidas, called on adidas to send a "clear signal against racism" and to set specific goals for diversity. "The measures that have already been announced are not sufficient," demanded Union Investment analyst Vanda Heinen. Overall, adidas needs "more diversity in the board of directors and supervisory board". It is about "diversity in terms of gender, age structure, professional background and cultural background".

Deka does not want to exonerate the Supervisory Board for 2019 due to the accumulation of offices of several members and possible conflicts of interest. In addition, the proposed election of Bertelsmann boss Thomas Rabe as the new chairman of the supervisory board should "be viewed critically" against this background. For Union Investment, too, Rabe is "not a suitable successor to supervisory board boss Igor Landau" due to the accumulation of offices.

adidas-AR appoints Bertelsmann CEO Rabe as new chairman

And yet the adidas Supervisory Board has appointed Bertelsmann boss Thomas Rabe as the new chairman of the board. Rabe, 55, has been a member and Deputy Chairman of the adidas Supervisory Board since May 9, 2019. He succeeds Igor Landau, 76, whose mandate on the supervisory board ended after the annual general meeting on Tuesday after 16 years.

FC Bayern with new Champions League jersey after Lisbon

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In addition, Bodo Uebber takes over the chairmanship of Herbert Kauffmann's audit committee. Kauffmann will remain on the Supervisory Board until the 2021 Annual General Meeting. Ian Gallienne has been elected as the new Vice Chairman.

The new shareholders elected to the Supervisory Board

SAP

-CEO Christian Klein, 40.

The members of the Supervisory Board also announced that they would forego 30 percent of their remuneration for the current financial year due to the Corona crisis. Instead, the money will be donated to SOS Children's Villages, among others. adidas shares rise significantly into positive territory

The rally initiated the day before by US dealer

Foot Locker

continued on Tuesday at

adidas . The shares of the sporting goods group mixed with the best DAX values ​​with an increase via XETRA of 4.49 percent to 265.20 euros. At times, they achieved a new record above the 266 euros mark since the early outbreak of the Corona crisis in February. At the beginning of June they had only risen to EUR 265.60, now they have peaked up to EUR 266.30. Foot Locker surprised investors the day before in New York with an increase in sales in the second quarter and also a quarterly profit - and referred to a boom in sales of new sneakers. The market was significantly more cautious because of the strong presence of Foot Locker in US shopping centers and the slow reopening of the stores, said analyst Cédric Rossi of Bryan Garnier. He now sees the new facts as positive for Adidas and above all for the US competitor Nike

. FRANKFURT (Dow Jones / dpa-AFX)

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