Herzogenaurach, Germany — Polyurethane footwear company Adidas saw third-quarter sales in 2016 rise 17% compared to 2015 and operating profit rise 11% on a currency-neutral basis.
Net sales in the third quarter of 2016 were EUR 5.4 bn compared to EUR 4.8 bn in 2015, a rise of 13.8%, Adidas said. This led through to operating profit of EUR 563 m compared to EUR 505 m in the same quarter in 2015, the firm added.
The company put growth in the third quarter down to "strong momentum" in its Adidas brand with revenues up 20% on a currency-neutral basis. With the exception of Russia/CIS Adidas recorded double-digit growth in every geography. Reebok saw its revenue expansion grow by 7% during the quarter, the firm said.
In Western Europe sales were up 15% on a currency-neutral basis driven by the UK, Germany, France, Italy, Spain and Poland which were all double-digit growth rate areas. In North America and greater China demand was strong and sales were up 20% and 25% respectively. Latin America revenues grew 16%; in Japan 21%; in the Middle East, Asia and Africa 19%.
The first nine months of the year saw revenues increase 20% on a currency-neutral basis, hitting EUR 14.6 bn compared to EUR 12.7 in the first nine months of 2015. Operating profit in the first nine months was EUR 1.5 bn compared with just over EUR 1 bn in the first nine months of 2015, a 35.5% rise.
"2016 will be a record year for the adidas Group with truly exceptional results. Going forward, it is our job to make this fantastic company even better. We will ensure that the adidas Group remains a growth company that delivers sustainable top- and bottom-line improvements in the years to come," said Kaspar Rorstead, ceo.
