adidas Group currency-neutral sales grow 10%

06 May '08

3 min read

During the first quarter of 2008, Group sales increased 10% on a currency-neutral basis, driven by double-digit sales growth in the adidas and TaylorMade-adidas Golf segments. Revenues in the Reebok segment, however, declined.

Currency movements negatively impacted Group sales in euro terms. Group revenues grew 3% in euro terms to € 2.621 billion in the first quarter of 2008 from € 2.538 billion in 2007.

“We are off to a fast start to 2008,” commented adidas AG CEO and Chairman Herbert Hainer. “adidas and TaylorMade-adidas Golf were our growth engines. At Reebok, we are progressing on plan to reposition the brand. As a Group, we are stronger than ever before. Most importantly, Group profitability has improved substantially.”

Double-digit sales growth at adidas and TaylorMade-adidas Golf in Q1:
The adidas and TaylorMade-adidas Golf segments set the pace for the Group's sales growth in the first quarter of 2008. Currency-neutral adidas segment revenues increased 14% during the first three months, driven by strong performance product sales in nearly all major categories.

Currency-neutral sales in the Reebok segment declined 6% in the first quarter of 2008, mainly as a result of Reebok's repositioning efforts in the USA and the UK. At TaylorMade-adidas Golf, currency-neutral revenues increased 17%, due to the strong product offering in all major categories, helped by several new product launches. Currency translation effects negatively impacted sales in all segments in euro terms.

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