Eyes on 2019 finish line as Adidas picks up pace

Frankfurt am Main: German sporting goods maker Adidas said on Friday that sales online and in China had pumped up profits and revenues in the first-quarter, confirming its outlook for double-digit profit growth over the full year. Between January and March, net profit leaped 17 per cent year-on-year to 632 million euros ($706 million), outstripping forecasts from analysts surveyed by Factset. Operating, or underlying profits grew at the same pace, reaching 875 million euros, as revenues clambered six per cent higher to 5.9 billion. “Double-digit sales increases in our strategic growth areas Greater China and e-commerce” helped the group to the revenue boost, chief executive Kasper Rorsted said. While China added 16 per cent in currency-neutral sales, North America inched up three per cent after the group highlighted supply chain bottlenecks earlier in the year. And Europe and Latin America each shed three per cent. — AFP