Adidas Group reported Tuesday increases in both first-quarter sales and earnings.
The German footwear maker said net income spiked to 169 million euros, or $234.2 million (calculated at average exchange), from 4 million euros a year ago. On an earnings-per-share basis, the firm posted a profit of 0.80 euros, up from 0.04 euros the prior year.
Net sales in the quarter rose 4 percent to 2.67 billion euros, or $3.71 billion. Retail sales totaled 459 million euros, or $634 million, an increase of 15 percent, while wholesale revenues inched up 1 percent to 1.9 billion euros, or $2.63 billion.
By division, Adidas brand sales increased 4 percent to 2 billion euros, or $2.77 billion, while Reebok sales rose slightly to 376 million euros, or $521 million.
“This quarter’s accomplishments are a real testament to the strength of our brands and clearly demonstrate that our product and marketing strategies are really making a difference,” CEO Herbert Hainer said in a written statement. “With the Reebok turnaround gathering pace and the FIFA World Cup kicking off in a few weeks, we have a lot of reasons to be optimistic. Therefore, we feel confident to raise the bar and increase our full-year guidance,”
The firm reiterated a previously revised full-year EPS guidance for 2.05 to 2.30 euros.
