adidas Group: (Impressive) Q1 16 numbers in line with pre-announced publication

BUY, Fair Value EUR122 (+8%)

News published on May Wednesday 4, 2016
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The Q1 16 results reported this morning are naturally in line with the P&L items pre-announced last week (on 27th May), sales came in at EUR4,769m and grew at an impressive rate of 22% FX-n. The other good surprise was that operating profit reached EUR490m (+35%), 24% above CS expectations. Following this Q1 publication, ADS has increased all its targets. The group has also announced its intention to divest three brands (TaylorMade, Adams Golf and Ashworth) while keeping adidas-Golf positioned within the golf apparel & footwear category. ADS is hosting a conference call today at 3:00pm (CET).

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