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Adidas claims "explosive comeback" after 22% profits leap

Adidas has claimed an “explosive comeback” after strong third quarter results - but warned that labour costs and currency volatility would be a challenge in 2011.

Adidas posted a 22% rise in operating profit to €411m (£361m) in the three months to September 30. Group sales increased 20% to €3.47bn (£3bn) over the period, up from €2.89bn (£2.5bn) in the same period last year.

Currency-neutral sales in wholesale and retail increased 10% and 16% respectively. Currency-neutral sales in Western Europe were up 8%, driven by strong growth in the football category.

Herbert Hainer, Adidas Group chief executive, said: “We have made an explosive comeback in 2010, and I fully expect us to round off the year on a high.

“Although the fourth quarter is a seasonally small one in terms of sales and profit, it is nonetheless an important period for seeding some of the initiatives that will inspire and excite consumers for our brands in the year ahead.

“While we will certainly face headwinds from higher input costs and currency volatility, withour powerful brands, extensive global presence and commitment to innovation, we are ready to face any challenges 2011 may bring our way. And I am already confident we have what it takes to deliver considerable top- and bottom-line improvements in the year ahead.”

During the past nine months group revenue in Western Europe increased 8% to €2.9m (£2.5m).

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