Germany's leading sportswear maker, Adidas,
reported Thursday a 14-per-cent jump in third quarter profit, but its
shares dropped after the group cut its full-year revenue forecast.
Adidas said net profit in the three months to the end of September came in at 344 million euros (438.5 million dollars) compared with 303 million euros in the same period a year ago. Group revenue climbed 11 per cent to 4.17 billion euros for the period.
"We have grown the bottom line faster than the top line now for the last seven quarters, which ensures we will deliver another year of record financial results for 2012," said Adidas chief Herbert Hainer in a statement.
But shares in the group fell after it lowered its revenue outlook for the year.
This came after what the group said were lower sales expectations at its Reebok and Rockport brands. Additionally, a lockout at the National Hockey League lockout in North America, for which Adidas is the official outfitter, hurt the bottom line. By mid-morning, shares were down 2.19 per cent at 63.15 euros in Frankfurt.
The company said revenue will increase this year by high single digits, instead of a previously forecast full-year gain of about 10 per cent.
Most Popular Stories
- Homeowners More Satisfied With Mortgage Servicers
- Ford Tremor: Easy to Park, Hard to Pay For
- House Shelves Immigration Bill, Goes on Vacation
- What Hamas and Israel Hope to Gain in Gaza
- Notorious RBG Tells All in Couric Interview
- Why Samsung Shares Plunged in the April-June Quarter
- House GOP Leaders Abandon Immigrant Bill
- NASA Plans to Make Oxygen on Mars
- Market Loses All of July's Gains in One Day
- Wisconsin Supreme Court: Voter IDs Must Be Free