Adidas India has released its financial report for the fiscal year (2016-17) ended March 31, 2017.
The Germany-based sportswear company’s India subsidiary noted a whopping 131.7 per cent rise in net profit to Rs. 95 crores for the 2016-17 financial year. Its net profit during the 2015-16 FY was Rs. 41 crores.
During the reporting period, Adidas India’s revenue reached Rs. 1,513 crores against Rs. 1,253 crores in 2015-16.
Adidas-owned Reebok brand also delivered a solid performance. The label reported a net profit of Rs. 18.89 crores this year against a net loss of Rs. 35.9 crores in the previous fiscal year.
Reebok also witnessed a surge of 16 per cent in its revenue to settle at Rs. 413 crores in 2016-17 against Rs. 354 crores in 2015-16.
The Group has reportedly stated that both Adidas and Reebok, which operate across multi-channel formats, are undertaking several strategic and consumer-centric initiatives to attract Indian shoppers.
Additionally, Adidas recently launched its first own retail store in the national capital of India. The retail will soon launch more such stores to increase its sales further and enhance consumers’ shopping experience.
