Better-than-expected quarterly profits at Adidas-Salomon have set the world's number two sporting goods firmly on track to reach its full-year goals, the company said today.
The German group beat market expectations with a 15 per cent rise in third-quarter pre-tax profit. Sales were flat at euro1.85 billion, with good results in Europe, Asia and Latin America offsetting a difficult US market.
But orders dived 35 per cent in the tough United States market, where Adidas is engaged in a tooth-and-nail fight for market share with its bigger rival Nike.
Adidas's other brand, Puma, continued to impress investors by more than doubling its third-quarter profits as it continued to exploit the booming demand for shoes which mix fashion and sports.