Adidas posts 12% profit before Olympics

Apparel company Adidas AG has posted a 12% profit in the second quarter, reporting that its net income has climbed to €116m (£92m) in the second quarter. This month’s Olympic Games has spurred sales in emerging markets, while it also benefited from the Euro 2008 Tournament earlier this year.

The company says that profit will gain at least 15% this year and adds that it may exceed the targets. Adidas sales rose 16% to €620m (£490m) in Asia and gained 14% to €1.1bn (£880m) in Europe in the quarter. Sales of Adidas-brand goods rose 8.2% to reach €1.97bn (£1.56bn), according to a company statement.

While the second-quarter revenue rose 5% to 2.52bn euros (£1.99bn), revenue from Reebok goods slid 13% to €454m (£360m). The company forecasts that the Reebok purchase, completed in January 2006, will generate cost savings of €175m this year. At the same time, Adidas expects to incur expenses of €70m to combine Reebok with the rest of its units.

Adidas runs 1,104 outlets under its brand, up from 900 a year earlier. The company opened its biggest outlet worldwide last month in Beijing to capitalize on the Olympics, where it will outfit host nation China’s team and those of 15 other countries.

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