Adidas Launches New Share Buyback As Demand Booms

Fashion

July 1st, 8:40am

Asharq Al-Awsat

The Adidas logo is pictured during celebrations for German sports apparel maker Adidas' 70th anniversary at the company's headquarters in Herzogenaurach, Germany, August 9, 2019. REUTERS/Andreas Gebert

Adidas (ADSGn.DE) will launch a new share buyback program starting July 1 worth up to 550 million euros ($653.62 million), the German sportswear company said on Tuesday. The move is part of plans announced by Adidas earlier this year to return up to 9 billion euros to its shareholders in the next five years, through dividend payouts of between 30% and 50% of net income from continuing operations, along with share buybacks, according to Reuters. Adidas last month raised its 2021 sales forecast as it expects a resumption of big sporting events to drive demand. Shares in Adidas were up 2.5% after the news.

from Asharq AL-awsat https://english.aawsat.com/home/article/3056821/adidas-launches-new-share-buyback-demand-booms