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Adidas buyback, profit forecast set to boost shares

Reuters  |  HERZOGENAURACH, Germany 

HERZOGENAURACH, Germany (Reuters) - Adidas forecast slower sales and profit growth for 2018 but lifted its 2020 profitability forecast and shares of the German sportswear firm looked set to get a boost from news of a large buyback.Adidas, which has seen its shares fall 15 percent in the past six months as its growth cooled, said late on Tuesday it plans to buy back up to 3 billion euros ($3.7 billion) worth of its shares by 2021, or almost 9 percent of its share capital.The German company's shares were indicated up 4 percent in pre-market trade.On Wednesday, Adidas proposed a dividend of 2.60 ...

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First Published: Wed, March 14 2018. 13:06 IST