GERMANY: Adidas Q1 Earnings Rise, Sales Fall
The German company, which partly attributed the increase to lower debt maintenance costs, also reported a 41 per cent year-on-year rise in net profit to EUR72m for the quarter.
"With a great quarter like this as a start, we are confident that the full-year performance in 2004 will be better than we had originally expected," Adidas Herbert Hainer said.
Despite the largely improved results, sales for the quarter slipped three per cent year-on-year to EUR1.62 billion.
Particularly hard hit was the company's North American business, where sales fell 19 per cent to EUR328m.
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