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adidas group raises full year guidance

Nov 16, 2015 Germany
adidas group raises full year guidance
In the third quarter the Germany-based company saw its revenue growing by 13%, driven by an accelerated momentum at the adidas brand. Growth was registered across several regions of the world
Herbert Hainer, adidas Group CEO, commented: “Our relentless focus on the consumer is clearly paying off: The great momentum that adidas and Reebok are enjoying across the globe proves that our products and marketing are resonating extremely well with the target audience, both in the lifestyle and the performance arena”.

In the third quarter of 2015 the adidas group saw its revenue growing by 13% on a currency-neutral basis, driven by an accelerated momentum at adidas as well as robust growth at both Reebok and TaylorMade-adidas Golf. Currency-neutral adidas revenue grew by 14%, driven by double-digit sales increases in Western Europe, North America, Greater China, Latin America and MEAA (Middle East, Africa and Other Asian Markets). Currency-neutral Reebok sales were up by 3% versus the prior year, with revenues more than doubling in Greater China and growing at double-digit rates in Latin America, Japan as well as MEAA. Revenue at TaylorMade-adidas Golf increased by 6% currency-neutral, mainly due to double-digit growth in North America. In euro terms, group revenue grew by 18% totaling 4.758 billion euros in the third quarter of 2015 (compares to 4.044 billion US dollars in similar period in 2014).

Combined currency-neutral sales of the adidas and Reebok brands in the third quarter of 2015 grew particularly strongly in Western Europe (+18%), Greater China (+15%), Latin America (+20%) and MEAA (+14%), with revenues up at double-digit rates each. Russia/CIS sales in the third quarter decreased 7% currency-neutral, due to sales declines at both adidas and Reebok. This development was impacted by further store closures in the own-retail network.



Currency-neutral sales for Other Businesses went up by 10% in the third quarter with sales increases at TaylorMade-adidas Golf, Reebok-CCM Hockey as well as Other centrally managed businesses.

In the first nine months of 2015, group revenue increased by 9% on a currency-neutral basis, due to double-digit growth at adidas and mid-single-digit increases at Reebok. Currency translation effects had a positive impact on sales in euro terms. Group revenues grew by 17% reaching 12.748 billion euros in the first nine months of 2015.

Currency-neutral adidas revenue grew by 11%, driven by double-digit sales increases in Western Europe, Greater China, Latin America and MEAA. Currency-neutral Reebok sales were up by 6% reflecting double-digit growth in all regions except North America and Russia/CIS. Revenue at TaylorMade-adidas Golf decreased by 13% currency-neutral, mainly due to sales declines in North America and Western Europe.

The group’s net income attributable to shareholders, excluding the goodwill impairment losses, was up by 10% totaling 696 million euros.

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