Sporting goods
Adidas “confident in the medium term” after a strong quarter
After strong quarterly figures, Adidas sees itself well positioned for the coming years. Growth in two specific regions of the world in particular is providing the company with tailwind.
The sporting goods manufacturer Adidas is optimistic about further developments after a strong third quarter. CEO Björn Gulden considers the business to be well balanced with double-digit growth rates in both the lifestyle and sports categories. “The strong underlying growth in China and the earlier-than-expected return to positive results for the Adidas brand in North America in the last two quarters give us confidence for the medium-term future,” he said when presenting the final third-quarter figures on Tuesday in Herzogenaurach .
Adidas had already presented preliminary figures on October 15th and increased its forecast once again. The company has now confirmed this. Sales rose by 7.3 percent to 6.4 billion euros, with currency-adjusted revenues increasing by ten percent. Among other things, Adidas benefited from robust demand for retro sneakers and football jerseys.
The growth was driven by Europeans’ enthusiasm for purchasing. But Adidas was also able to grow by almost nine percent after adjusting for currency effects in the important Chinese market. Group profit from continuing operations increased by 73.4 percent to 469 million euros.
dpa
Source: Stern
