Adidas 2010 profit up sharply on global rebound

2nd March 2011, Comments 0 comments

Adidas, the world's second biggest sportswear and equipment group, published solid 2010 results on Wednesday on the back of a strong rebound in major markets.

Adidas said net profit more than doubled to 567 million euros ($780 million) from 245 million euros in 2009, a crisis year for the group which also owns Reebok and the golf brand TaylorMade.

Sales climbed 15 percent to 12 billion euros.

The company gave a very detailed outlook in November but the sales figure still surpassed its growth target of eight percent.

For 2011, the German company sees sales gaining an equivalent amount.

The firm noted several problem issues ahead, including record cotton prices, rising salaries in China where Adidas has located much of its production and higher transportation costs.

But 2011 is still "shaping up to be another great year for the Adidas group, and we are off to a fast start," chief executive Herbert Hainer said in a statement.

© 2011 AFP

0 Comments To This Article