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SPORTS

Adidas shares boost after golden Olympic year

SPORTS By Agencies | March 9th 2017
Kasper Rorsted, CEO of the sportswear manufacturer Adidas, speaks during the company's annual press conference in Herzogenaurach, southern Germany, on March 8, 2017. / AFP PHOTO /

Shares in German sports goods maker Adidas leapt in Frankfurt yesterday as the firm reported record profits for Olympic and European Championship year 2016 and offered confident forecasts.

Adidas stock gained up to 8.0 percent in early Frankfurt trading, before falling back to $181.27 (Sh18, 598), 7.5 percent higher than they opened, just before 0845 GMT.

The Bavaria-based firm earlier said it increased net profit by 60.5 percent, to $1.07 billion (Sh109.7billion), topping a billion for the first time in its history and beating both its own forecasts and analyst predictions.

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