Market Updates
Europe Movers: Adidas, Admiral Group, Continental, Hill & Smith, Legal & General, Restaurant Group, Symrise, Thales
Bridgette Randall
08 Mar, 2023
Frankfurt
Adidas AG fell as much as 3% but recovered to close higher 2.2% to €147.50 after the athletic footwear maker reported disappointing 2022 sales.
Net sales in 2022 increased 6% to $23.8 billion but operating profit fell 66% to $705.4 million. Sales in the fourth quarter struggled after the company severed its relationship with the rapper Kanye West.
The ending of relationship with Ye cost the company $633 million in fourth-quarter sales.
Admiral Group plc fell 4.1% to 2,003.0 pence after the UK-based financial services company proposed a lower dividend following the sharp decline in profit.
Continental AG increased 7.6% to €78.26 after the automotive tires maker estimated earnings and margins to improve in 2023.
Hill & Smith PLC decreased 6.1% to 1,327.67 pence despite the infrastructure and transportation solutions provider reporting nearly two-third increase in pre-tax earnings in 2022.
Legal & General Group plc fell 1.6% to 261.61 pence despite the UK-financial services company reporting a solid increase in earnings in 2022.
Restaurant Group PLC plunged 15.3% to 38.36 pence after the company reported a wider loss in the financial year 2022.
Symrise AG increased €96.14 after the flavor and fragrance maker forecasted core 2023 profit below expectations of some investors.
Thales SA declined 3.6% to €127.85 despite the French defense group reporting higher sales and earnings for 2022.
Annual Returns
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Earnings
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