Adidas profits ease but confirms full-year targets

Adidas, the German maker of sportswear and equipment, said Thursday that profits were down in the third quarter due in part to exchange rate effects, but it is sticking to its full-year targets.
Adidas said in a statement that its net profit fell by 11 percent to 282 million euros ($352 million) in the period from July to September.
Underlying or operating profit fell by 12.7 percent to 405 million euros while sales grew by 6.2 percent to 4.118 billion euros.
"During the third quarter of 2014, the Adidas group continued to deliver robust top-line results," said chief executive Herbert Hainer.
"Our group delivered a solid third quarter with accelerated growth rates in many of our key markets and categories."
Looking ahead, Adidas said it confirmed its guidance for the full year 2014.
"Management expects group sales to increase at a mid- to high-single-digit rate," it said.
Net profit was projected to come out at around 650 million euros, compared with 839 million euros.
CEO Hainer said that "in any sport, to reach your goals, tactics and desire are critical to compete and win. We are here to do both."
In 2015, group sales were forecast to increase at a "mid-single-digit rate. Net income will grow at a higher rate than group sales," Hainer said.