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Global sportswear Group Adidas recorded a strong start into the year with currency-neutral revenues increasing 16%; reflecting an 18% increase at the brand Adidas as well as a 13% increase at the Reebok brand.
In euro terms, the Group’s sales were up 19% in the first quarter of 2017 to €5.67 billion (2016: €4.77 billion). Revenue growth at the Adidas brand was reported to be driven by double-digit increases in the running and outdoor categories as well as at Adidas Originals and Adidas neo. As for Reebok, the major drivers of the top-line improvement were strong double-digit sales increases in the training category and in Classics, according to the report. The company says growth was particularly strong in eCommerce, where revenues grew 53% in the quarter.
On a currency-neutral basis, the combined sales of the Adidas and Reebok brands are reported to have increased in all market segments except Russia/CIS. Growth in the first quarter of 2017 is said to have been particularly strong in North America (+31%), Greater China (+30%), Japan (+21%) and MEAA (+15%). In Western Europe and Latin America currency-neutral revenues increased 10% and 9%, respectively, while sales in in Russia/CIS declined 10% attributed to a challenging consumer sentiment as well as additional store closures.
“As consumer demand for our products was strong across the world, we were again able to significantly improve our profitability despite ongoing currency headwinds. Building on this performance, we are confirming our full-year guidance. We aim to deliver double-digit revenue growth and an over-proportionate profitability increase in 2017 yet again”, said Kasper Rorsted, CEO, Adidas.