Adidas soars after strong second-quarter results

Shares in Adidas AG (ADS.XE) soared on Thursday following the German sporting-goods company’s strong second-quarter results.

Adidas said net profit in the quarter was 396 million euros ($459.6 million) compared with EUR158 million the previous year.

Sales in the quarter were boosted by strong increases in the key North America and Greater China markets. Second-quarter sales were EUR5.30 billion, the company said.

Adidas backed its 2018 outlook and Chief Executive Kasper Rorsted said the company remains "firmly on track" to achieve its long-term targets until 2020.

At 0714 GMT, shares in Adidas traded up 9.8% at EUR209.30.

Analysts at Equinet said the company’s guidance now looks conservative following its second-quarter results.

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