Adidas' solid brand equity is bolstering strong growth despite competitive pressures.
Adidas’ strong second-quarter report of earnings growth tracks ahead of our long-term outlook, with currency-neutral sales growth of 19% (versus our 2017 estimate calling for 12%) and gross margins increasing 70 basis points to 50.1% due to positive pricing, channel, and mix (ahead of our 49.1% 2017 estimate). However, we continue to view the company as a beneficiary of shorter-term fashion trends and think that this growth rate is unsustainable in the long term. Therefore, we will likely raise ...
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