Sportswear giant Adidas Group has reported that its revenue for the first quarter of the current fiscal has increased by 22 per cent (on a currency-neutral basis) and 17 per cent in Euro terms to € 4.8 billion (US $ 5.4 billion).
In the reporting quarter, operating profit too zoomed 35 per cent to € 490 million (US $ 555 million). The sportswear retailer further informed that its net income surged 38 per cent to € 350 million (US $ 396 million) in the period under review.
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Post noting good growth in the first quarter, Adidas has increased its 2016 financial outlook. The company now forecasts currency-neutral sales to grow at a rate of around 15 per cent this fiscal from 10 per cent to 12 per cent projected earlier. Net income from continuing operations is also expected to grow at a faster rate than the top line and surge between 15 per cent and 18 per cent in 2016 compared to earlier forecast of between 10 per cent and 12 per cent.
Headquartered in Herzogenaurach, Germany, Adidas manufactures sports shoes, clothing and accessories. It is the largest sportswear manufacturer in Europe and the second biggest in the world.