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Robust sales lift Adidas Q3 net profit
By Geir Moulson |
November 5, 2010, Friday
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Print Edition
Print Edition
SPORTSWEAR maker Adidas AG yesterday posted a 25-percent rise in third-quarter earnings, helped by strong demand for football products and a return to growth in its Chinese business, and raised its full-year outlook.
Adidas said it made a net profit of 266 million euros (US$373 million) from July to September, up from 213 million euros a year ago.
Revenues climbed 20 percent to 3.47 billion euros from 2.89 billion euros. In currency-neutral terms, Adidas said revenues were up 10 percent; the euro traded above this year's levels in the third quarter of 2009.
The company raised its earnings forecasts for the full-year and now expects sales to increase by about 8 percent on a currency-neutral basis, up from a previous forecast of a mid-single-digit rise.
It pointed to "positive effects" from this year's football World Cup.
Adidas said it made a net profit of 266 million euros (US$373 million) from July to September, up from 213 million euros a year ago.
Revenues climbed 20 percent to 3.47 billion euros from 2.89 billion euros. In currency-neutral terms, Adidas said revenues were up 10 percent; the euro traded above this year's levels in the third quarter of 2009.
The company raised its earnings forecasts for the full-year and now expects sales to increase by about 8 percent on a currency-neutral basis, up from a previous forecast of a mid-single-digit rise.
It pointed to "positive effects" from this year's football World Cup.
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