Strong sales for adidas but golf business to go - sportstextiles: Lea SportsTextiles

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Strong sales for adidas but golf business to go

05/05/2016
Sportswear manufacturer adidas reported a 22% increase in sales in the first quarter of 2016, led by a 26% growth for the adidas brand but the company has announced plans to sell much of its golf business.

Sales in Western Europe were up 24.7% in currency-neutral terms whilst there was a 21.6% growth in North America and a 30.2% increase in Greater China.

Adidas CEO Herbert Hainer said growth was driven by fashion products such as its retro Stan Smith sneakers and training gear like the Boost running shoes, with US sportswear sales up 50% in the quarter. The Reebok brand saw a 6% increase in sales.

Hainer insisted the company wants to retain Reebok due to the booming market for fitness products but it will be looking to sell golf brands TaylorMade, Adams and Ashworth in order to focus on selling golf shoes and clothing under the adidas label.

TaylorMade sales rose 6% and adidas golf sales grew 3% but that wasn’t enough to offset double-digit declines at Ashworth and Adams resulting in an overall loss for the unit.

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