UPDATE 2-Adidas shares slip on disappointing sales figures [Reuters]
ADIDAS AG S/ADR (ADDYY)
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Source: Reuters
Adidas shares slip on disappointing sales figures - Reuters 3 Min Read BERLIN (Reuters) - German sportwear company Adidas ( ADSGn.DE ) reported disappointing second-quarter sales on Thursday but expects a recovery in the second half after it stemmed a decline in Europe and saw its long-struggling Reebok brand recover. Adidas shares fell 2.3% by 0725 GMT. The stock had rallied in recent weeks on hopes it might lift its outlook - particularly after German rival Puma ( PUMG.DE ) raised its sales and profit forecasts following a strong second quarter. “Given the recent rerating in the shares since April and narrowing valuation gap versus peers, the lack of a sales or earnings beat is unusual and brand momentum remains concerning,” Credit Suisse analysts wrote of Adidas. Second-quarter sales rose a currency-adjusted 4% to 5.51 billion euros ($6.18 billion), shy of average analyst forecasts for 5.54 billion as the company saw a strong decline in the soccer category a year on from the Wo
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