BREAKING NEWS

BREAKING NEWS

Adidas profits beat expectations even as sales sag

Adidas profits beat expectations even as sales sag
The logo of Adidas logo is seen on ta store in Yerevan, Armenia, June 23, 2016. REUTERS/David Mdzinarishvili -
Copyright
David Mdzinarishvili(Reuters)
Text size Aa Aa

BERLIN (Reuters) - Adidas reported a 17 percent rise in first quarter net profit on Friday, even as sales growth slowed as it suffered from supply chain issues in the North American market it had already flagged, as well as a decline in Europe.

First-quarter sales rose by a currency-adjusted 4 percent to 5.883 billion euros (£5 billion), while attributable net profit came in at 632 million, beating analyst consensus for 5.8 billion and 567 million respectively.

Adidas warned in March that it expects supply chain issues to curb sales growth in the first half of the year, particularly in North America, where it has doubled its business in the last three years to take market share from bigger rival Nike.

(Reporting by Emma Thomasson, editing by Riham Alkousaa)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.