Adidas posts improved 2007 results, but Reebok is still struggling

0 Comments | AFP, March, 2008

FRANKFURT (AFP) — Adidas, the second biggest sportswear company, posted increased 2007 results Wednesday even though its Reebok unit lagged behind.

The German group said net profit had gained 14 percent to 551 million euros (835 million dollars), while operating profit rose by eight percent to 949 million.

Sales were hurt by unfavourable exchange rates and grew by just two percent to 10.30 billion euros, a company statement said.

The group's main problem however remained Reebok, which suffered a six percent drop in sales last year.

Adidas said that the unit's head, Paul Harrington, would be replaced by marketing chief Uli Becker.

For 2008, a year that will witness several major sporting events, Adidas' order backlog -- a key indicator of...