Adidas posts jump in first-quarter profit

0 Comments | AFP, May, 2008

BERLIN (AFP) — Adidas, the world's second-biggest sports goods group, reported increased first-quarter profit on Tuesday, but its struggling Reebok brand saw orders fall by 22 percent.

Adidas' net profit gained 32 percent to 169 million euros (262 million dollars) as it cut costs and reaped the benefit of the strong euro-dollar exchange rate in deals with suppliers, a company statement said.

Sales rose by 3.0 percent to 2.62 billion euros in the three-month period.

Shares in the company gained more than 4.0 percent in midday Frankfurt trading on the news.

"We got off to a fast start to 2008," the statement quoted Adidas chief executive Herbert Hainer as saying. "Adidas and TaylorMade-Adidas Golf were our growth engines."

But while those...