Solid Start to 2019 for Narrow-Moat Adidas Despite Production Issues; Shares Overvalued
Narrow-moat Adidas reported a solid first quarter of 2019 on a gross margin improvement and strength in China. Adidas’ first-quarter EPS from continuing operations of EUR 3.17 beat our forecast of EUR 2.93 as its gross margin of 53.6% was well above our forecast of 51.3%. Adidas’ first-quarter sales of EUR 5.88 billion beat our forecast of EUR 5.79 billion, partly due to currency-neutral sales growth of 16% in greater China. We think Adidas continues to gain share on smaller brands in China, whe...
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