Adidas grows Q3 revenues by 9% despite golf decline
06/11/2014
All regions, except North America, contributed to the revenue growth. Western Europe increased by 10%, mainly as a result of strong sales increases in Germany, France, Spain and the UK. In what adidas classes as emerging European markets such as Russia, revenues were up 19%. At the same time, sales grew by 13% year on year in China.
However, group sales in North America decreased by 1% because of declines at Reebok and TaylorMade-adidas Golf.
Across the globe, revenues in the TaylorMade-adidas Golf segment declined by 36%, which adidas put down to continued weakness in the golf market in general as well as TaylorMade-adidas Golf’s “ongoing efforts to clean retail inventories” and the timing of its new product introductions.
Image shows adidas group headquarters in Germany.
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