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Adidas quarterly profit soars as it achieves double-digit growth

Adidas quarterly profit soars as it achieves double-digit growth

Adidas profits surged 46% in its third quarter after raising its full-year guidance earlier this month.

Operating profit at the chain hit £498.39m (€598m) for the period, compared to £340.87m (£409m) the prior year.

Currency neutral sales at the sportswear giant were up 10%, which it said had been driven by the Adidas brand rising 14% during its third quarter.

Adidas said it had experienced underlying growth across all markets, channels and product divisions.

It pulled in double-digit growth across its lifestyle and performance arms, which it said reflected the breadth of its brand momentum.

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Looking ahead, the apparel company said it expected operating profit to hit around £1bn (€1.2bn), compared to its previous forecast of £0.83bn (€1bn).

Adidas CEO Bjørn Gulden said: “The third quarter was a very strong quarter for us and again better than expected. 14% underlying growth for the Adidas brand, a very healthy gross margin above 51% and an operating profit of €598m are numbers that we are very happy with and a proof that we are moving in the right direction.

“I am especially proud that we are growing in all regions, in all channels and now also in all product divisions.”

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