Herzogenaurach, Germany — Adidas, a sports footwear giant, sales were EUR 6.4bn in the third quarter of 2019. This is higher by 9% than the same period in 2018.
E-commerce boosts Adidas in the third quarter
Rorstead: 'very pleased'
Gross Profit across the business rose 10% and hit EUR 3.3bn the third quarter of 2019.
'I am very pleased with our third quarter results and the continued progress made in our strategic growth areas. We have delivered double-digit sales increases at Adidas North America as well as in Greater China and e-commerce,' said Kaspar Rorsted, CEO.
E-commerce sales grew by 14% on the third quarter fo 2018. Growth between Q3 17 and Q3 18 was 76%.
Adidas' operating margin remained almost unchanged in the quarter. This was despite of the increasing cost of air freight. Additionally, some costs which are normally accounted for in the fourth quarter were brought forward. This was to make the costs more evenly spread through the second half of the year, said Adidas.
By the end of 2019 Adidas expects sales to be up by between 4% and 8%.
