Adidas Posts Strong Fiscal 2018 Results Driven by E-Commerce and North America; Shares Expensive
Narrow-moat Adidas ended fiscal 2018 on a strong note, posting full-year results that outpaced our estimates as the firm continues to benefit from on-trend merchandise. The story remained consistent throughout the year, with sales growth driven by North America (up 15%) and China (up 23%) outperforming, and profitability expanding as sales trended toward brand-accretive channels (e-commerce up 36% to over EUR 2 billion for the year). As a result, we anticipate a high-single-digit increase to our...
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