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World Cup powers Adidas to strong Q2

AFP/The Local · 4 Aug 2010, 13:56

Published: 04 Aug 2010 13:56 GMT+02:00

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The Bavarian-based group that also owns the US brand Reebok had already said football-related sales should reach €1.5 billion ($1.98 billion) in 2010, which meant overall profit should rise.

"We had an outstanding first half year driven by the FIFA World Cup 2010 and the resurgence of the Reebok brand in North America," said chief executive Herbert Hainer in a statement released on Wednesday.

"Sales momentum at both Adidas and Reebok accelerated in the second quarter with currency-neutral sales increasing 13 percent and 16 percent respectively."

Adidas said earnings per share should now increase to between €2.50 and €2.62, compared with a previous estimate of €2.05 to €2.30.

On the basis of the number of free-floating shares, that would give a full-year net profit of between €523 million - €548 million, up from €430 million - €480 million. Adidas sponsored 12 of the 32 teams that competed in the World Cup, including Spain, the new world champion, and Germany, which finished third.

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Second-quarter operating profit leapt by 172 percent to €195 million, as other lines also benefited from a global economic rebound and foreign exchange effects.

The group cited in particular a rise in the value of the Russian rouble and a decline in operating overhead spending as factors behind its improved outlook.

AFP/The Local (news@thelocal.de)

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Your comments about this article

19:36 August 4, 2010 by MonkeyMania
No surprise there. The amount of publicity their world cup football got was a marketing success extraordinaire.
22:33 August 4, 2010 by Logic Guy
Well, now they need to commit to the technology necessary to eliminate mistakes and bad judgment from the World Cup.

Sure, humans have evolved technologically, but not psychologically.

We would have a brilliant world, if we were to finally solve the latter.
18:38 August 6, 2010 by Prufrock2010
Let evolution begin with you, Forrest.
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