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Adidas hikes outlook as fatter margins boost second-quarter profit

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Adidas hikes outlook as fatter margins boost second-quarter profit

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FRANKFURT (Reuters) – Adidas AG <ADSGn.DE> raised its full-year outlook after improving margins helped the German sportswear maker to achieve an 18 percent jump in second-quarter operating profit. Adidas said its operating profit rose to 505 million euros (450.78 million pounds), from 429 million euros a year earlier. The operating profit improvement was driven by a higher gross margin, the company said. Adidas now projects 2017 currency-neutral sales to grow at a rate between 17 percent and 19 percent, against a previous forecast for 12-14 percent, and for the gross margin to improve during the second half of 2017. As a result, net income from continuing operations is now forecasted at a level between 1.360 billion euros and 1.390 billion euros, against previous guidance of 1.2-1.225 billion.

(Reporting by Edward Taylor; Editing by Victoria Bryan)
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