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Adidas runs to 151% rise in profit

GERMAN sportswear giant Adidas AG said yesterday its fourth quarter net profit jumped 151 percent on improved sales, a better tax rate and higher operating profits.

Herzogenaurach-based Adidas, the world's second-largest sportswear company by sales after Nike Inc, said net profit in the fourth quarter increased to 54 million euros (US$68 million) from 21 million euros in the October through December period a year earlier.

Sales for the quarter rose 6 percent to 2.57 billion euros from 2.42 billion euros the previous year.

For the full year 2008, Adidas said net profit jumped 16 percent to 642 million euros from 551 million euros a year ago.

Sales in 2008 rose 5 percent to 10.8 billion euros from 10.3 billion euros a year ago.

The company said the Adidas brand and the TaylorMade golf segment contributed to the year's sales, while the Reebok brand saw revenues decrease compared to 2007.

Sales in constant euro terms increased 10 percent for the Adidas brand and 1 percent for TaylorMade. Reebok saw an 8-percent decline in sales in 2008. The figures were somewhat stronger when accounting for changes in exchange rates.

However, the company warned the current year will be difficult, as the world economic crisis pinches consumer spending.


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