Adidas raises profit guidance on strong performance, cuts sales outlook

Adidas had already warned that sales in western Europe were likely to stay flat in the second half of the year after the company failed to focus enough on the launch of more products

German sportswear firm Adidas hiked its 2018 profit guidance, citing a strong financial performance in the first nine months of the year, but trimmed revenue target due to weaker-than-expected growth in western Europe.

While Adidas has been taking market share from bigger rival Nike in North America, the U.S. firm has been powering ahead in Europe, Middle East and Africa, where its sales rose 9 percent in the three months ended August.

Adidas had already warned that sales in western Europe were likely to stay flat in the second half of the year after the company failed to focus enough on the