Adidas 3Q Net Profit Rises, Beats Analyst Expectations

By Anthony Shevlin Features Dow Jones Newswires

Adidas AG (ADS.XE) said Thursday that net profit for the third quarter rose sharply, beating analyst expectations.

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The German sporting-goods company said that net profit in the three months ended Sept. 30 was 526 million euros ($609.9 million) compared with EUR386 million during the same period last year. Sales rose 8.7% to EUR5.68 billion. Analysts had expected net profit of EUR519 million and sales of EUR5.92 billion.

Sales were helped by strong performance in North America, which reached EUR1.1 billion, the company said.

Adidas confirmed its outlook for 2017, having already raised its outlook following a strong second quarter. The company continues to expect net profit to rise to between EUR1.36 billion and EUR1.39 billion, it said.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

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November 09, 2017 02:02 ET (07:02 GMT)