Adidas net rises 14 percent to $415 million
Thursday, November 3, 2011
FRANKFURT, Germany (AP) — Shoe and sports gear maker Adidas AG says net profit rose 14 percent to (euro) 303 million ($415 million) in the third quarter as sales expanded in China and North America.
The company said Thursday sales were up 8 percent globally to (euro) 3.744 billion. Sales grew 13 percent in both North America and China and 18 percent in Latin America when currency exchange rate shifts are excluded.
The company’s gross profit margins were slightly down as a more favorable product mix was offset by higher raw materials costs.
The company, the world’s No. 2 sporting goods maker behind Nike Inc., said that it was raising its full-year sales and earnings outlook.
The company also said it was paying $25 million to buy Five Ten, a Redlands, California sports gear maker that caters to climbers and mountain bikers.
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