Herbert Hainer has a lot to smile about. The man at the helm of Adidas for the last 15 years may be quitting Europe’s largest sportswear company in two months, but he can leave with his head held high.
The chief executive on Thursday surprised investors with a solid increase in second-quarter profits. More than that: He raised Adidas’ full-year profit forecast for the second time this year.
Revenue jumped 13 percent in the second quarter to €4.4 billion. Net income from continuing operations doubled to €291 million, aided by the timely cancellation of a sponsoring contract with Chelsea Football Club in Britain, which increased profits by a high double-digit million figure, the company said.