Adidas reports record profit margins for first qua - footwearbiz: Lead

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Adidas reports record profit margins for first quarter

07/05/2013
 Adidas has posted a record profit margin for the first quarter, boosted by sales of higher priced products.

Despite a 2% fall in first-quarter sales, operating profit at the world's second largest sportswear maker rose 8% to $578 million.

Its chief executive, Herbert Hainer, said it was a tough quarter compared with the same time last year when sales were boosted by the European football championships and the London 2012 Olympics.

Adidas has been struggling with problems at Reebok, and took a EUR 265 million writedown on the brand last year.

The German company said it was focusing on yoga, dance and fitness training for 2013.

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