Adidas has strong second quarter, but Reebok still limping

0 Comments | AFP, August, 2008

FRANKFURT, (AFP) — Adidas, the second biggest sports equipment maker, posted Tuesday a 12 percent increase in second quarter net profit, although its troubled US unit Reebok saw sales fall by just over 11 percent.

Adidas recorded a net profit of 116 million euros (180 million dollars), in part owing to a reduced tax rate, it said in a statement.

Group sales gained five percent to 2.52 billion euros from the same period one year earlier, while operating profit was up by 10.3 percent at 208 million.

But Reebok's results continued to lag behind, as the group posted sales of 469 million euros over the three-month period, a drop of 8.8 percent from the second quarter of 2007.

For the first half, Reebok sales lost 11.1 percent to 923 million euros.

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