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Adidas revenue rises as clothing and sports gear offset weak shoe sales
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Adidas reported a 9% rise in third-quarter revenue and nearly doubled net profit, as growth in clothing and sports products contrasted with weak lifestyle shoe sales.
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Adidas’ third-quarter revenue rose 9% to €7.3 billion, while net profit nearly doubled to €711 million, as stronger sales of clothing and sports products offset continued weakness in lifestyle shoes.
The German sportswear group said clothing revenue increased 19% year on year and sports-products revenue rose 14%, helped by demand for running, training and football gear. Lifestyle shoe sales remained difficult amid widespread discounting across the sector, according to ANP and Bloomberg.
Chief executive Bjørn Gulden called it an “excellent quarter” and said Adidas had recorded its highest quarterly revenue. He said all markets except Europe achieved double-digit revenue growth.
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