Adidas Net Profit Increases by 38% in Q1

Sports shoe company Adidas AG says first-quarter net profit rose 38 % to 289 million Euros, as strong sales in China combined with lower borrowing and tax expenses to more than offset the effects of higher costs.

The company said on Monday that revenues rose 14 % to 3.8 billion Euros.

China and other Asia markets saw a 26 % improvement in sales, after currency effects are stripped out, compared to 7 % in Western Europe.

Adidas also raised its outlook for the year, as AAP stated.

It said full year earnings would increase 12-17 % instead of 12-15 %, and sales would rise “at a rate approaching” 10 % instead of a mid- to high-single digit increase.