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Adidas shares jump on buyback, profit optimism

Reuters  |  HERZOGENAURACH, Germany 

By Emma ThomassonHERZOGENAURACH, Germany (Reuters) - Shares in German sportswear firm Adidas soared on Wednesday after it announced a big buyback, gave an upbeat outlook for 2018 and lifted its 2020 profitability forecast, while conceding it would be hard to match rival Nike's margins.Adidas said late on Tuesday it plans to buy back up to 3 billion euros ($3.7 billion) of its shares, or almost 9 percent of its share capital, by 2021 on top of a higher-than-expected 2017 dividend of 2.60 euros per share.The company's online sales leaped 57 percent in 2017 to 1.5 billion euros, or about 7 ...

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First Published: Wed, March 14 2018. 17:55 IST