Adidas (ADDYY) is once again proving its mettle against Nike (NKE) and Under Armour (UA) after once again lifting its profit forecast. Shares in the German sportswear company were up 8.62% in Frankfurt, changing hands at €192.30, extending a three month gain of 3.37%. Adidas Friday in an ad hoc statement said that it now expects sales to grow at a rate of between 17% and 19% in 2017, up from a previous forecast of between 12% and 14%. The company reported sales of €18.5 billion in 2016. The company also forecast that it would see a year-on-year gross margin improvement in the second half of the year.
Nike is struggling to meet its own annual sales forecasts. The company recently started selling on Amazon to try and meet its target of $50 billion in annual sales by 2020.
Earlier this month, Under Armour's stock plummeted nearly 7% in one day. The sharp decline came after an analyst said the company's search is interest continued in a "steep downtrend".
Watch More with TheStreet:
- Check Out the Tesla Model 3's Key Specs as Elon Musk Prepares to Hand Out Keys on Friday
- As the Ford Truck Turns 100, Take a Look Back at a Brand 'Built Ford Tough'
- What Could You Buy With What Johnny Depp Spends in a Month
- Happy National Scotch Day! What's the Difference Between Scotch, Bourbon and Rye?