Good Quarter for adidas
Net income from continuing operations excluding goodwill impairment increases 17% to € 737 million.
In the third quarter of 2015, the adidas Group delivered a stellar financial performance. Group revenues grew 13% on a currency-neutral basis, driven by an accelerated momentum at adidas as well as robust growth at both Reebok and TaylorMade-adidas Golf. Currency-neutral adidas revenues grew 14%, driven by double-digit sales increases in Western Europe, North America, Greater China, Latin America and MEAA.
Currency-neutral Reebok sales were up 3% versus the prior year, with revenues more than doubling in Greater China and growing at double-digit rates in Latin America, Japan as well as MEAA. Revenues at TaylorMade-adidas Golf increased 6% currency-neutral, mainly due to double-digit growth in North America. In euro terms, Group revenues grew 18% to € 4.758 billion in the third quarter of 2015 from € 4.044 billion in 2014.
«Our relentless focus on the consumer is clearly paying off: The great momentum that adidas and Reebok are enjoying across the globe proves that our products and marketing are resonating extremely well with the target audience, both in the lifestyle and the performance arena,» commented Herbert Hainer, adidas Group CEO. «The third quarter shows that, in combination with our excellence in execution, this is the game plan to drive brand desirability and generate strong top- and bottom-line growth.»
Due to the strong momentum at both adidas and Reebok, the adidas Group now expects currency-neutral sales to increase at a high-single-digit rate (previously: mid-single-digit rate) in 2015. Group sales development will be driven by double-digit increases in Western Europe, Greater China and MEAA. Additionally, higher sales expectations in Latin America and North America are expected to further support the Group’s revenue growth.
In the first nine months of 2015, Group revenues increased 9% on a currency-neutral basis, due to double-digit growth at adidas and mid-single-digit increases at Reebok. Currency translation effects had a positive impact on sales in euro terms. Group revenues grew 17% to € 12.748 billion in the first nine months of 2015 from € 10.924 billion in 2014. Currency-neutral adidas revenues grew 11%, driven by double-digit sales increases in Western Europe, Greater China, Latin America and MEAA. Currency-neutral Reebok sales were up 6% versus the prior year, reflecting double-digit growth in all regions except North America and Russia/CIS. Revenues at TaylorMade-adidas Golf decreased 13% currency-neutral, mainly due to sales declines in North America and Western Europe.