Sales at Adidas AG grew 18.9 percent, to 5.67 billion euros, or $6.04 billion, in the first quarter of 2017, as the German activewear giant continued to benefit from strong demand for its products after a record year in 2016, when its profits passed the billion-euro mark for the first time.
On a currency-neutral basis, revenues grew 16 percent, the company said on Thursday, with an 18 percent spike for the Adidas brand and 13 percent growth at Reebok.
Constant-currency sales increased in all geographic zones except Russia and the Commonwealth of Independent States, said the Herzogenaurach, Germany-based company. This included particularly strong revenue growth in North America, where sales increased 31 percent, and Greater China, where they were up 30 percent.
The firm’s net income from continuing operations climbed 29.9 percent to 455 million euros, or $484.7 million, while operating profit grew 28.8 percent to 632 million euros, or $637.3 million.
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“As consumer demand for our products was strong across the world, we were again able to significantly improve our profitability despite ongoing currency headwinds,” said Kasper Rorsted, chief executive officer of Adidas AG.
“Building on this performance, we are confirming our full-year guidance. We aim to deliver double-digit revenue growth and an over-proportionate profitability increase in 2017 yet again.”
Dollar figures are converted at average exchange rates for the periods to which they refer.