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.
