The report was fairly well accepted if I remember correctly but even the days before it arrived they went out with new guidance for the year with increased revenue and earnings. The share price have moved from around 100 € to around 110 € due to these latest news.
For the report in full please go here and to see my previous summary please visit Adidas annual report 2015 and to find out more regarding Adidas then please go to analysis of Adidas 2016.
In the financial statement below we can see that the Adidas group is doing really well with almost 17% increased revenue. The costs have been kept under control and for this reason we end up with 58% higher earnings. For 2015 they paid out 1.6 € in dividends and already this first quarter Adidas report 1.7 € earnings per share which is excellent.
The big winner is the Adidas brand with large increased sales. All the rest is just muddling along. They are no discussing to get rid of the Golf part... Is this going to be another Salomon story that will be the final move from the CEO before he leaves? Back in the days there were plenty of stories regarding the importance of Russia for Adidas. In this report Russia generated sales of 140 million € so... no, Russia is not that important. China is now even larger than North America having sales in the region of 760 million €. THAT is important!
Conclusion: Adidas is doing very well at the moment and the CEO is handing over a successful company. Previously I questioned the sales of Salomon... the push into Golf... and now the sales of Golf. I sometimes get the feeling the Adidas is, sports-wise, moving counter cyclical in a non productive fashion. I will remain as a shareholder in Adidas.
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