Adidas Outsprints Nike
Adidas AG's (ADDYY) resurgence over the past year is thrashing its American competitors Nike Inc. (NKE) - Get Report and Under Armour (UA) - Get Report , with both falling in Thursday premarket trading.
The German sportswear company, which in recent past had looked to be put in the annals of history next to the VHS, reported sales in the second quarter increased by 18% to €5.038 billion ($5.96 billion). The company also reiterated its improved full-year forecasts, with the group now expecting currency-neutral sales of between 17% and 19% and a 0.8 percentage point improvement in gross margins to 50%.
Adidas dominance has sent its shares up more than 27% since the start of the year, compared with a more than 17% rise for Nike and a 36.1% loss for Under Armour.
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