Adidas To Buy Back Shares Amid Investor Dissatisfaction

adidas today said that it would buy back shares "to appease disgruntled shareholders following a profit warning and dissatisfaction with the company's turnaround efforts in recent months." The company will begin a shareholder return program worth up to $1.9B running through the end of '17, "funded primarily from free cash flow." A "key component of the program is the repurchase of up to 10% of the company's share capital, approved by shareholders in May" (MARKETWATCH.com, 10/1).

Meanwhile, adidas is opening a design studio in Brooklyn early next year. The office will be "staffed by three design veterans the German shoe company poached from Nike." This is "believed to be the company's first U.S. presence" outside of Portland, Ore. (N.Y. DAILY NEWS, 10/1).