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Adidas profit rises 14 percent in third quarter
Thursday - 11/8/2012, 1:58am EST
FRANKFURT, Germany (AP) - Adidas AG, the German sportswear maker, has reported a 14 percent rise in third quarter earnings but lowered its full year revenue forecast due to declines of its Reebok brand and the National Hockey League lockout in North America.
The company, which previously forecast a full year rise of around 10 percent, says revenues will instead increase by high single digits.
Net profit in the third quarter was (EURO)344 million ($438.5 million), up from (EURO)303 million in the same period a year ago. Revenues rose 11 percent to (EURO)4.17 billion. Stripping out currency effects, revenues grew 4 percent, the company said. Sales were up strongly in most emerging markets, grew by 1 percent in Europe, and fell 5 percent in North America.
Profit margins improved as the company raised prices.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)