Adidas AG today reported a 15 percent uptick in third-quarter net profits, to 387 million euros, or $432.1 million.
The Herzogenaurach, Germany-based sporting goods firm said group sales in the three-month period ended Sept. 30 reached 5.41 billion euros, or $6.04 billion, up 14 percent year-on-year, driven by strong momentum at both Adidas and Reebok.
In particular, the Adidas brand continued its robust momentum with revenues up 20 percent on a currency-neutral basis, fueled by double-digit sales increases in the Sport Performance, Adidas Originals and Adidas Neo lines. The brand marked double-digit growth in every geography, with the exception of the Russia/CIS zone, where revenues grew at a mid-single-digit rate, the company said.
Dollar figures are converted at average exchange for the periods in question.
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The group confirmed its outlook for the full year, with net profits expected to fall between 975 million euros and 1 billion euros, or $1.08 million to $1.12 billion.
Citing great momentum across all major markets, Kasper Rorsted, who took over as chief executive officer on Oct. 1, succeeding Herbert Hainer, said it will be a “record year” for the group. “Going forward … we will ensure that the Adidas Group remains a growth company that delivers sustainable top- and bottom-line improvements in the years to come as outlined in our long-term strategic business plan.”
