German sports conglomerate Adidas yesterday outperformed analysts’ expectations by posting a nine per cent constant currency sales growth in its third-quarter results.
The company saw a 21 per cent sales increase in retail over the period and a six per cent boost in wholesale. Warburg Research analyst Jorg Philipp Frey said the company’s “third-quarter, top-line momentum was better than expected”.
Barring north America, all regions contributed to the revenue growth. Adidas’ emerging European markets were a key driver, seeing 19 per cent growth on the back of hot demand from Russia.
There was a 16 per cent sales increase in Latin America thanks to strong performances in Argentina, Brazil and Mexico. Adidas shares in Frankfurt closed the day up 4.02 per cent at €59.04.