November 07, 2018
Despite a troubling slowdown in Western Europe, Adidas reported strong results in its key strategic priorities as net income rose 25% to €658 million ($765 mm) from €526 million for the third quarter ended Sep. 30 on a 3% increase in revenue that would have been 8% currency neutral to €5,873 million ($6,829 mm) compared to €5,677 million.
Net income more than doubled to $58.8 million from $23.2 million in the third quarter as revenues dipped 4% to $558.6 million from $581.3 million on missing sales from divestitures, but comparable revenue was less than 1% higher after 4% growth in Q2.
Private equity group Sycamore Partners will take over the ownership of the parent of Abu Garcia and numerous fishing tackle brands.
Sales at Sumitomo Rubber’s sports division increased 10% for the first nine months to ¥64,599 million ($579.4 mm) from ¥58,743 million, driven by strong sales of golf and tennis equipment and gains from its sports facility business.
Net loss was $9,615,000 in the third quarter against a loss of $24,180,000 last year pulled down by impairment charges in both periods, on licensing revenues that increased 4% to $40,771,000 from $39,025,000.