Adidas ups full-year targets after strong third quarter

Adidas, the German maker of sportswear and equipment, raised its full-year sales and profit targets on Thursday as strong demand for its Adidas and Reebok brands powered a strong third-quarter performance.

"In the third quarter of 2015, the Adidas group delivered a stellar financial performance," boasted chief executive Herbert Hainer.

In the period from July to September, net profit rose by 10.4 percent to 311 million euros ($338 million).

Underlying or operating profit was up 26.5 percent at 505 million euros on a 17.7-percent increase in sales to 4.758 billion euros. 

Sales growth was "driven by an accelerated momentum at Adidas as well as robust growth at both Reebok and TaylorMade-Adidas Golf," the group explained. 

"Due to the strong momentum at both Adidas and Reebok, the group now expects sales to increase at a high-single-digit rate in 2015," or between six and nine percent, Adidas said.

So far, it had been pencilling in growth of mid-single digit, or around five percent. 

Net profit was projected to increase at a rate of around 10 percent, compared with an early forecast of between seven and ten percent. 

"Thanks to our outstanding performance during the first nine months, we are reaching the 2015 goal line much faster than we had anticipated," said Hainer.