German sportswear giant Adidas has reported another strong quarter of sales and profit growth. The positive numbers have been driven by the company’s progress in China and the US, where it has been snatching market share from its major rival Nike.
Adidas reported third-quarter sales up 9% to €5.67bn, while net profit jumped more than a third to €526m euros, versus average analyst forecasts for €5.86bn and €512m respectively.
Adidas, which upped its full-year outlook in July, reiterated its forecast for 2017 currency-neutral sales to rise between 17-19% and for net income to increase at between 26-28%.
Adidas saw double-digit sales increases in its running and outdoor categories as well as at its Originals and Neo fashion labels, but said revenues fell from soccer and basketball, mainly due to the termination of two major sponsorship deals.
Sales of the Adidas rose 28 % in greater China and 23% in the US, but dropped 17% in Russia, which Adidas blamed on the “ongoing challenging consumer sentiment” and store closures.