Solid start for new adidas CEO
04/11/2016
Revenue was the quarter was $5.4 billion, on which adidas achieved a net profit of €387 million, a 15% rise year-on-year. For the first nine months of the year, sales of footwear are up 27%, while apparel sales have risen 13%.
The company saw revenue growth across all regions, including a 15% increase in sales in Western Europe and respective growth of 20% and 25% in North America and Greater China.
“The great momentum across all major markets shows the strength of our strategy,” said Kasper Rorsted, who took over from Herbert Hainer as chief executive of Adidas in October.
Adidas confirmed that it would take one-off costs as part of a plan to restructure the Reebok brand and invest in its future growth. This came after it showed slower sales growth of 7% in the third quarter. Sales from the adidas brand increased 20%.
Image shows new adidas CEO Kasper Rorsted (credit: adidas).
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