China helps Adidas to €289m profits
30/04/2012 - 09:37:32Sports shoe company Adidas said today that first-quarter net profits rose 38% to €289m, as strong sales in China combined with lower borrowing and tax expenses to more than offset the effects of higher costs.
The firm said revenues rose 14% to €3.8bn.
China and other Asia markets saw a 26% improvement in sales, after currency effects are stripped out, compared with 7% in Western Europe.
Adidas also raised its outlook for the year.
It said full year earnings would increase 12%-17% instead of 12%-15%, and sales would rise “at a rate approaching” 10% instead of a mid- to high-single digit increase.
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