Higher sales at adidas
During the first quarter, adidas Group sales rose 10% on a currency-neutral basis, driven by double-digit sales growth in the adidas and TaylorMade-adidas Golf segments. However, Reebok revenues fell. Group revenues grew 3% in euro terms to €2.6 billion compared with from € 2.5 billion in 2007.
“We are off to a fast start to 2008,” commented adidas AG CEO and chairman, Herbert Hainer. “As a group, we are stronger than ever before.”
Currency-neutral adidas segment revenues increased 14% during the first three months, driven by strong performance product sales in nearly all major categories. Currency-neutral revenues at TaylorMade-adidas Golf increased 17%, while currency-neutral Reebok sales fell 6%.
Group sales grew at double-digit rates in all regions except North America where revenues declined. First quarter sales in Europe grew 12% on a currency-neutral basis as a result of strong increases in the region’s emerging markets. Revenues fell 7% In North America as a result of lower adidas and Reebok sales in the USA and Canada. Sales in Asia rose 25%, driven by particularly strong growth in China and Korea. In Latin America, currency-neutral sales grew 18%.
Sales for 2008 are expected to increase at a high-single-digit rate on a currency-neutral basis, driven by growth at all brands. "Despite a challenging market environment, we are optimistic we will achieve all our targets,” said Mr Hainer.
