U.S. News

Adidas Second-Quarter Income Rises 27%


Adidas, Europe's biggest sports goods maker, said on Wednesday its second-quarter net income rose 27% despite nearly flat revenue because of lower brand Reebok sales and currency effects.

Adidas said net income was 104 million euros ($143.5 million), above a Reuters poll average forecast of 96 million euros by 15 analysts.

In euro terms, sales fell 1% to 2.4 billion euros, beating an average forecast of 2.377 billion euros. On a currency-adjusted basis, sales were up 3%, despite tough comparisons with the prior year when sales were high because of the soccer World Cup in Germany.

The company's Adidas and Reebok footwear brands lost shelf space at U.S. mall-based retail chains and family footwear stores in the first half of this year, analysts had said. In addition, footwear of both brands lost market share in the top five European markets in the same time, primarily to rival Nike , analysts added.

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