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Europe's biggest sportswear maker Adidas said today that its net profit grew 6% to 308 million euros ($403 million) in the first quarter and forecast full-year net earnings of up to 920 million euros.
The German company that competes against Nike and Puma said revenue was down 1.9% at 3.75 billion euros, blaming negative currency effects."Our group has delivered a solid performance in the first quarter of 2013," said Adidas Group chief executive Herbert Hainer in a statement."We delivered stable revenues, despite running against high prior-year comparisons due to the sell-in of event-related products for the London Olympics and the European Football Championships as well as facing a continuation of macroeconomic challenges in Europe."
Group operating profit increased 8% to 442 million euros in the first quarter of 2013 against 409 million euros a year earlier.
Worldwide, Adidas sales grew in most regions but fell 6% on a currency-neutral basis in Western Europe, especially in Spain, Italy and Britain, the company said.
Sales increased 6% in China and were also up in North and South America, Russia, the Middle East and South Africa.
The company said that "despite a high degree of uncertainty regarding the global economic outlook and consumer spending, Group sales development will be favourably impacted by the Group's high exposure to fast-growing emerging markets."
