Herzogenaurach, Germany (dpa) – German sportswear maker Adidas got off to a flying start in the first quarter, expressing confidence for the year ahead in posting results above expectations on Friday.
Turnover rose by 20 per cent to almost 5.3 billion euros (6.4 billion dollars). Excluding currency effects, the figure came in at plus 27 per cent. Growth was particularly strong in China.
Operating profits rose from 48 million euros to 704 million euros, with bottom line profits at 502 million euros, up from 26 million euros last year.
The figures no longer include results from Adidas’ US subsidiary Reebok, which is up for sale.
Adidas raised its forecast to the upper end of the previously predicted range and predicted accelerated growth in turnover in the second quarter. Profits, excluding currency effects, should rise by around 50 per cent, it said.
The company held to its prediction of profits for the year at between 1.25 billion and 1.45 billion euros from continuing operations.
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