Adidas Q4 earnings lower on expenses
Wednesday, March 2, 2011
BERLIN (AP) — Sportswear maker Adidas AG says its fourth-quarter net profit shrank on higher operating expenses even as improving sales in a healthier global economy powered a strong rise in revenue.
Adidas said Wednesday that it earned 7 million ($9.7 million) in the October-December period, down from 19 million a year earlier. Revenue was up 19.2 percent, climbing to 2.93 billion from 2.46 billion.
For the whole of 2010, Adidas saw net earnings more than double to 567 million from 245 million. Revenue climbed 15.5 percent to 12 billion from 10.38 billion.
Adidas says it expects sales to rise by a “mid to high single-digit” percentage this year in currency-neutral terms. It says earnings per share should increase by 10 to 15 percent.
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