Adidas, the Herzogenaurach, Germany, producer of athletic apparel, reported third-quarter net income rose 22% on flat sales.
Profit reached 298 million euros ($432.8 million) from 244 million in the year-earlier period. Revenue was 2.94 billion euros vs 2.95 billion. Sales grew in all regions except North America, Adidas said. Sales rose at adidas and TaylorMade-adidas Golf and declined at Reebok. Gross-profit margin for the group widened 3.6 percentage points to 48.6%. The company said that for the year, net income should rise around 15%, as currency-neutral sales grow in the mid-single-digits percent. Gross margin should come in at the upper end of the group's forecast range of 45% to 47%.