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Adidas Q3 net up 2% but pulls ’09 guidance

Adidas Q3 net up 2% but pulls ’09 guidance
AP
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First Published: Thu, Nov 06 2008. 02 24 PM IST
Updated: Thu, Nov 06 2008. 02 24 PM IST
Frankfurt: Adidas AG, the world’s No. 2 athletic gear and apparel maker, said Thursday its third-quarter profit rose 2% on higher sales and confirmed its outlook for the rest of the year. But uncertainty led it to pull its guidance for 2009, the company said.
Adidas earned €302 million ($390.6 million) in the July-September period compared with €298 million a year ago, as sales rose 5% to nearly €3.1 billion ($4 billion) compared with €2.9 billion last year.
Looking to the end of the year, Adidas said it still expects net profit growth of 15%, but “as a result of the uncertain global macroeconomic environment”, it canceled its outlook for next year.
Adidas trails Nike Inc. in global sales but is bigger than rival Puma AG.
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First Published: Thu, Nov 06 2008. 02 24 PM IST