Adidas reported fourth-quarter sales and profit growth for 2018. On Wednesday, the German sportswear firm posted full-year earnings.
Revenue at the German company rose 12 percent to 5.06 billion euros in the fourth quarter, helping take profit in its fiscal fourth quarter to €132 million led by China and North America. The overcome comes after the third quarter’s downturn.
Adidas also said that its revenue will be grown at a double-digit rate this year.
The shares jumped as much as 6.3 percent to 183 euros in early Frankfurt trading. The company decides to buy back up to 3 billion euros ($3.72 billion) worth of stock through by 2021, it announced late Tuesday.
Adidas announced a net loss of 41 million due to a one-off U.S. tax hit that affected 76 million. It received profits from the popularity of its retro sneakers that helped the company take market share from Germany-based rivals including Beaverton Nike Inc., and other competitors.
Chief Executive Officer Kasper Rorsted said that in Western Europe and the Middle East, the 2018 sales growth will be slower, but he expects a very great year in the U.S. the company believes that its net profit will rise between 13 and 17 percent.
Kasper Rorsted said on Wednesday, “We are extremely happy with the results.” “We need to make sure that we grow the business and we grow the bottom line quicker than our competitors and that’s what we are doing and eventually that will be reflected in the share price,” he added.