Another record year at adidas
Sportswear giant adidas has posted improved sales for its fourth quarter and full year 2008.
Fourth quarter group revenues grew 4% on a currency-neutral basis, mainly because of higher sales in the adidas segment. Reebok and TaylorMade-adidas Golf revenues declined. On a regional basis, currency-neutral sales grew by double-digit rates in both Asia and Latin America. Revenues in Europe remained stable on a currency-neutral basis, while sales in North America decreased.
For the full year, group revenues increased 9% on a currency-neutral basis, as a result of strong sales growth in the adidas and TaylorMade-adidas Golf segments. Currency translation effects negatively impacted group sales in euro terms. Group revenues grew 5% in euro terms to €10.8 billion in 2008 from €10.3 billion in 2007.
"2008 was another record year for our group," said Herbert Hainer, adidas group CEO and chairman. "This performance is clearly a testament to the underlying strength of our business model - being global, diversified and consumer focused."
