Adidas Profit Rises Amid Strong US Demand

By Friedrich Geiger Features Dow Jones Newswires

Adidas AG's (ADS.XE) net profit rose in the first quarter as strong sales in North America boosted revenue, the German sports gear maker said Thursday.

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Net profit increased 30% to 455 million euros ($495 million) in the January-to-March period, beating analysts' EUR421 million consensus estimate. Revenues grew 19% on the year to EUR5.67 billion, helped by growing sales of running and outdoor gear.

"As consumer demand for our products was strong across the world, we were again able to significantly improve our profitability despite ongoing currency headwinds," said Chief Executive Kasper Rorsted.

The maker of athletic apparel and footwear confirmed its guidance for the full year and continues to expect net income from continuing operations of EUR1.20 billion to EUR1.225 billion.

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(END) Dow Jones Newswires

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May 04, 2017 02:22 ET (06:22 GMT)