Navigation

Adidas leaps to higher profits on strong own-brand sales

AFPFRANKFURT (AFP-Jiji) — German sports gear group Adidas on Thursday reported a jump in third-quarter profits, lifted by strong demand for its own-brand trainers and apparel in China and North America.

The Bavarian company, which sponsors English Premier League giants Manchester United, said net profit soared to €526 million ($611 million) between July and September, up 36 percent on the same period last year.

Group revenues grew by nearly nine percent to €5.7 billion, driven by online sales and the success of Adidas’ retro-inspired Originals trainers and its adidas neo urban fashion line.

Demand was especially robust in the key markets of China and North America, where sales of the three-striped brand increased by around a third, Adidas said in a statement.

Chief executive Kasper Rorsted said he was pleased “with the quality of our growth” as he reaffirmed the group’s 2017 outlook.

“We delivered another set of strong results and are fully on track to achieve our ambitious 2017 financial targets,” he said in a statement.

Adidas said it continues to expect group sales to grow by 17 percent to 19 percent in 2017 to achieve a net profit between €1.36 billion and €1.39 billion.Speech

Click to play

0:00/-:--

+ -

Generating speech. Please wait...

Become a Premium Member to use this service.

Become a Premium Member to use this service.

Offline error: please try again.