Adidas sales up 6% and grows 17% profit in the first quarter

Adidas begins 2019 with a good performance. The German sports fashion and equipment company has closed the three first months of the fiscal year with a net profit of 663 million euros, 17% more than in the same period of the previous year.

Meanwhile, the group’s revenue has increased by 6% between January and March, up to 5.88 billion euros. The profit before taxes also achieved good results during this period, reaching 848 million euros, up 13.2%.

By regions, Asia Pacific and North America have been the markets where sales registered a better performance. In Pacific Asia Adidas’ revenue rose by 15.2% in the first quarter, to 2.13 billion euros. In North America, on the other hand, the group earned 11.2% more, reaching 1.15 billion euros.

Adidas took its sales in Asia Pacific and North America up 15.2% and 11.2%, respectively.

By contrast, In Europe and Latin America Adidas registered a poor performance in the period between January and March. In its local market, the group’s revenue fell by 3.2%, to 1.55 billion euros. In Latin America, sales decreased by 12.5%, reaching a total of 376 million euros.

By brands, the namesake one continued to lead the bulk of the group’s business. The brand Adidas recorded a 6.8% growth in the three first months of the fiscal year, while Reebok had a 4.5% drop in such period, corresponding to 420 million euros.

After presenting the first quarter results, the company has confirmed its forecasts for fiscal year 2019, which aims to increase its sales between 5% and 8%. Furthermore, Kasper Rorsted CEO of Adidas, stated that this fiscal year will be key for the strategy that the group is drawing up for 2020.