Record football sales at adidas
Sportswear giant adidas recorded sales and income growth during first quarter.
Group revenues increased 4% to EUR2.7 billion during the quarter from EUR2.6 billion in 2009. Sales increased in all regions except Greater China and other Asian markets.
“We had a great start to the year, achieving record first-quarter sales driven by growth in all segments,” commented Herbert Hainer, adidas Group CEO. ”Our retail segment, record football sales and a strong performance for adidas and Reebok in North America were some of the main catalysts driving this development.”
The group’s net income increased to EUR168 million during the first quarter from EUR5 million in 2009.
As a result of the strong quarter and a better outlook for the second half of the year, the company has raised its guidance. Group sales are now expected to increase at a mid-single-digit rate on a currency-neutral basis in 2010. Sales were previously expected to grow at a low- to mid-single-digit rate.
Positive impacts from the World Cup, the group’s exposure to fast-growing emerging markets and improvements at the Reebok brand are expected to support sales growth.
