Adidas confirms full-year targets after 'good start' in Q1
Adidas, the German maker of sportswear and equipment, said Tuesday it confirmed its full-year earnings targets after business got off to a "good start" in the first three months.
"After getting off the starting block well this year, we are optimistic about our prospects for the full year," chief executive Herbert Hainer said in a statement.
"Adidas confirms guidance for the full year 2015. Group sales are forecast to increase at a mid-single-digit rate. Despite a high degree of uncertainty regarding the economic outlook and consumer spending in Russia and the CIS region, the positive sales development will be supported by rising consumer confidence in most geographical areas," he said.
In the first three months, "we got off to a successful start to the year with our Adidas and Reebok brands enjoying great momentum," Hainer said.
In the period from January to March, net profit grew by 8.2 percent to 221 million euros ($245 million).
Underlying or operating profit was up 12.3 percent at 345 million euros on a 17.3-percent increase in sales to 4.083 billion euros, Adidas said.
© 2015 AFP