ADVERTISEMENT
Goods maker keeps eye on objectives after Q1 profits leap
Net profit at the group grew 29.6 percent to reach 455 million euros ($496 million) between January and March.
German sporting goods maker Adidas says net profit sprinted ahead by 30 percent in the first quarter
Net profit at the group grew 29.6 percent to reach 455 million euros ($496 million) between January and March, outpacing revenue growth of 18.9 percent to 5.7 billion euros.
Operating, or underlying profit grew 28.8 percent to reach 632 million.
Adidas pointed to standout performances in North America and China, where revenues increased 31 and 30 percent, followed up by Japan and its Middle East and Africa region.
ADVERTISEMENT
Growth was slower in Europe and Latin America, where last year's increased sales ahead of the Euro 2016 and Copa America championships made for a tough comparison against this year's first quarter.
"As consumer demand for our products was strong across the world, we were again able to significantly improve our profitability despite ongoing currency headwinds," chief executive Kasper Rorsted said.
Looking ahead to the full year, Adidas confirmed its objectives of an increase in sales of between 11 and 13 percent adjusting for currency effects, powering an increase of between 18 and 20 percent in net profit to between 1.2 and 1.225 billion euros.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
She sent naked photos to Dubai lover while I battled kidney disease - Erico speaks on divorce
How did young politicians get so rich in just 5 to 7 years - Franklin Cudjoe asks
Artificial Intelligence will affect around 40% of the global workforce — IMF
May God open your eyes to see the good in this government - Akufo-Addo prays
Police officer dies after colliding with stationary truck while chasing traffic offender
AG's office chases Alex Mould, Gavivina for GHS5 million bail bond for jailed MASLOC CEO
St Patrick Hospital suspends Muslim staff for taking break to observe Eid festivities
GPRTU proposes 30% increase in transportation fares