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Adidas profits soar

Adidas has posted an 18.6% rise in net income for the first quarter of 2018 compared with 2017.

Net income rose to €540m (£476m), up from €450m (£396m) in 2017, on the back of €5.5bn (£4.84bn) in sales.

The brand saw operating gross margins rise by 1.8% to 51.1%, driven by pricing and product mix, while operating margins rose by 1.8% to 13.4%.

Online sales proved to be the fastest rising channel, posting a 27% rise in volumes for the quarter compared with 2017. 

Growth was particularly strong in North America, which saw a rise of 21%, and Asia-Pacific which rose 15%. Sales in Asia were helped by a 26% increase in trade within China. 

Latin America also grew at a double-digit rate (+10%), and revenues in Western Europe increased 5%, in line with the full-year outlook. Sales in emerging markets and Russia declined 5% and 16% respectively, as a result of challenging market conditions.

Kasper Rorsted, Adidas chief executive said: “Our high-quality top-line growth was driven by our strategic focus areas North America, Greater China and ecommerce.

“At the same time, we managed to grow the bottom line significantly faster than the top line while continuing to invest into creating brand desire.”

 

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