adidas group sales grow 9% on currency-neutral basis
08 May '07
3 min read
During the first quarter of 2007, Group sales increased 9% on a currency-neutral basis, mainly driven by sales growth in the adidas segment and the inclusion of an additional month in the Reebok segment versus the prior year.
Currency-neutral sales grew in all regions except North America, where the development was stable. In euro terms, revenues grew 3% to € 2.538 billion from € 2.459 billion in 2006. On a like-for-like basis, including Reebok's revenues for the full three-month periods and excluding the effect from the disposal of the Greg Norman Collection (GNC) wholesale business, sales increased 4% in currency-neutral terms.
“Our Group has gotten off to a strong start in 2007,” commented adidas AG Chairman and CEO Herbert Hainer. “The Reebok integration is beginning to pay off as we realize the first revenue and cost synergies. adidas and TaylorMade-adidas Golf impressed with strong product launches.”
adidas and Reebok segments drive first quarter top-line growth : The adidas segment set the pace for the Group's organic sales growth in the first quarter of 2007. Currency-neutral adidas revenues increased 7% during the first three months. In the Reebok segment, currency-neutral sales increased 22% as in the first quarter of 2007 three months of Reebok's revenues are consolidated versus only February and March in the prior year. On a like-for-like basis, comparing the full three-month periods and excluding the transfer of the NBA and Liverpool licensed businesses to brand adidas, currency-neutral Reebok sales declined by 5%.
marketing@alchempro.com
