Executive Summary

• Adidas reported that 3Q17 revenue was up 12.0% year over year on a currency-neutral basis and up 8.7% year over year in euro terms, to €5,677 million, which was below the consensus estimate of €5,910 million.
• EBIT grew by 34.6% year over year, to €795 million, above the consensus estimate of €755 million. Net income from continuing operations grew by 34.8%, to €549 million, above the consensus estimate of €513 million.
• All regions with the exception of Russia/CIS saw revenue growth on a currency-neutral basis and performance was strong in Greater China and North America.
• Adidas confirmed its guidance for FY17. The company expects its currency-neutral sales to grow by 17%–19%, its operating profit to increase by 24%–26% and its net income from continuing operations to grow by 26%–28%.