Adidas Continues to Boast Strong Growth, but Where Is the Upside in Margins?
Narrow-moat Adidas reported third-quarter results that continue to place the firm on track to meet our full-year assumptions that call for currency-neutral sales growth of 13%, gross margins that increase 140 basis points to 50%, and operating income margin around 9%. Despite results continuing to show strong growth and margin expansion in recent periods, we view the company as a beneficiary of short-term fashion trends and think that this pace of growth is unsustainable. Within this framework, ...
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