Sportswear giant Adidas Group today (6 November) reported a 2% rise in third quarter profit, but scrapped its financial outlook for the year ahead blaming economic uncertainty.  

Net profit increased to EUR302m (US$387.5m) from EUR298m a year ago.

Revenue for the three months to 30 September grew 5% in euro terms to EUR3.08bn from EUR2.94bn a year earlier.

The company said its results were negatively impacted by currency movements.

For the first nine months of its fiscal year, profit increased 11% to EUR588m and group revenues grew 4% in euro terms to EUR8.225bn.

Adidas brand sales leapt 10% to EUR6bn, for the first three-quarters, and TaylorMade-adidas Golf sales grew 1%.

However, sales of its Reebok brand fell 10% from EUR1.59bn to EUR1.77bn.

Sales in Europe for the first months were up 9% to EUR3.776bn, while North America saw revenues fall 17% to EUR1.871bn.

Asian sales grew 16% to EUR1.875bn and Latin America was up 34% to EUR647m.

In its outlook, the company said full-year Group profit will be at least 15% higher than the EUR551m posted last year, and currency-neutral sales are likely to grow at a high single-digit rate.

Having retracted its financial guidance for 2009, the company plans to provide a 2009 outlook with the presentation of its full year results in March next year.