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Adidas, the German footwear giant, reported good results in the first quarter of the year: revenues increased by 17% to €4.08 billion and net profit surged by 8.2% to €221 million compared with €204 million of the same period last year.
The Adidas and Reebok brands have driven the Group growth with 11% and 9% sales increase of sales respectively. The Group also benefitted from favourable currency effects.
Sales in the footwear segment, which accounts for 51% of the total, grew by 18% at constant exchange rates mainly due to double digit sales growth in the running and casual footwear categories.
The performance was particularly strong in Western Europe and China where sales rose by 11% and 21%, respectively.
“We got off to a successful start to the year with our adidas and Reebok brands enjoying great momentum,” commented Herbert Hainer, adidas Group CEO. “With our innovative performance products, fashion-driven styles and highly engaging marketing campaigns, we have excited our consumers around the world.”
Adidas Group sales are forecasted to increase at a mid-single-digit rate on a currency-neutral basis in 2015. Despite a high degree of uncertainty regarding the economic outlook and consumer spending in Russia/CIS, the positive sales development will be supported by rising consumer confidence in most geographical areas. In particular, Group sales development will be favourably impacted by a significantly improved top-line development at TaylorMade-adidas Golf as well as ongoing robust momentum at both adidas and Reebok. This, as well as the further expansion and improvement of the Group’s controlled space initiatives, will more than offset the non-recurrence of sales related to the 2014 FIFA World Cup. Currency translation is expected to positively impact top-line development in reported terms, given the strengthening of major currencies such as the U.S dollar and the Chinese renminbi versus the euro.