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Adidas launches new share buyback as demand booms

Stock Markets1 hour ago (Jun 29, 2021 09:10AM ET)

(C) Reuters. FILE PHOTO: 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

BERLIN (Reuters) – Adidas (OTC:ADDYY) will launch a new share buyback programme 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.

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.

($1 = 0.8415 euros)

Adidas launches new share buyback as demand booms

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