Currency-neutral Reebok sales were up by 3% compared to the prior year, with revenues more than doubling in Greater China and growing at double-digit rates in Latin America, Japan as well as MEAA. Group revenues grew to EUR 4.758 billion in the third quarter of 2015 from EUR 4.044 billion in 2014.

"Our relentless focus on the consumer is clearly paying off: The great momentum that adidas and Reebok are enjoying across the globe proves that our products and marketing are resonating extremely well with the target audience, both in the lifestyle and the performance arena," commented Herbert Hainer, adidas Group CEO.

Sales growth

From a segmental perspective, combined currency-neutral sales of the adidas and Reebok brands in the third quarter of 2015 grew particularly strongly in Western Europe, Greater China, Latin America and MEAA, with revenues up at double-digit rates each.

Sales in Western Europe increased by 18% in the third quarter, whilst increasing by 6% in North America. Double-digit sales increases at adidas were partly offset by sales declines at Reebok. Greater China sales in the third quarter increased by 15%. In addition, revenues at Reebok more than doubled.

Russia/CIS sales in the third quarter decreased by 7%, due to sales declines at both adidas and Reebok.  Sales in Latin America were up by 20% in the third quarter, and Japan sales increased by 6% currency-neutral. Sales in MEAA increased 14% in the third quarter, due to double-digit sales growth at both adidas and Reebok.

Profit

The Group's gross profit increased by 20% to EUR 2.304 billion in the third quarter. Operating profit increased 26% to € 505 million in the third quarter of 2015 compared to EUR 399 million in the prior year, representing an operating margin of 10.6.

Net income from continuing operations grew by 20% to EUR 337 million, compared to EUR 280 million in 2014. Net income attributable to shareholders, which in addition to net income from continuing operations includes the losses from discontinued operations, increased 10% to EUR 311 million.

Guidance for the full year 2015

Due to the strong momentum at both adidas and Reebok, the adidas Group now expects currency-neutral sales to increase at a high-single-digit rate in 2015. Group sales development will be driven by double-digit increases in Western Europe, Greater China and MEAA. Additionally, higher sales expectations in Latin America and North America are expected to further support the Group's revenue growth.

Net income from continuing operations excluding goodwill impairment is now projected to increase at a rate of around 10% compared to net income from continuing operations excluding goodwill impairment losses of EUR 642 million in 2014. The adidas Group gross margin is forecasted to increase to a level between 48.0% and 48.5% compared to the prior year level of 47.6%.

"Thanks to our outstanding performance during the first nine months we are reaching the 2015 goal line much faster than we had anticipated,” commented Herbert Hainer. “The investments into our brands and a leaner golf organisation will directly fuel next year's top- and bottom-line performance and set us up for sustainable profitability improvements from 2016 onwards."

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