Tags: EU | Germany | Earns | Adidas

Adidas Overcomes Currency Moves to Post Solid Q3 Profit Rise

Thursday, 03 November 2016 07:45 AM

FRANKFURT, Germany (AP) — German shoe and sports gear company Adidas saw its third-quarter net profit rise 24 percent as double-digit sales increases across most markets overcame negative effects related to exchange-rate shifts.

The company said Thursday that its net profit rose to 386 million euros ($428 million) from 311 million euros in the same period a year ago. Revenue rose 14 percent to 5.4 billion euros.

Overall, Adidas conceded that its margins were hurt by "severe headwinds" from exchange rate moves.

Russia, where the economy has struggled following the imposition of economic sanctions related to the conflict in Ukraine, had only single-digit growth. Restructuring costs at the Reebok brand also weighed on the bottom line.

Adidas saw strong results from its Originals and neo product lines as well as from running gear.

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German shoe and sports gear company Adidas saw its third-quarter net profit rise 24 percent as double-digit sales increases across most markets overcame negative effects related to exchange-rate shifts.The company said Thursday that its net profit rose to 386 million euros...
EU,Germany,Earns,Adidas
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2016-45-03
Thursday, 03 November 2016 07:45 AM
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