The net profit of the German Adidas AG, the second largest producer in the world of sporting goods, has increased in the third quarter of 2015 by 10% and amounted to 311 million euro compared with 282 million euro in the same period last year.
The index rose above expectations based on strong demand for the production of its main brands.
Analysts surveyed by Bloomberg, on average forecasted a profit of 301 million euro.
Adidas revenue for the third quarter rose 18% to 4.76 billion euro. Revenue growth, excluding exchange rate differences, was 13% compared to July-September 2014, according to a press release from Adidas.
The company notes the growth acceleration in sales of the Adidas brand, as well as good growth rates of Reebok sales, along with the brand for golf products - TaylorMade-adidas Golf, showing weaker results earlier.
The Adidas brand sales, excluding foreign exchange differences, in the third quarter jumped 14%, with revenue growth higher than 10 % in Western Europe, North America, China, Latin America and the MEAA (Middle East, Asia and Africa).
Reebok sales increased by 3%, the revenue in China rose more than doubled, and the rate of its increase in Latin America, Japan and MEAA was higher than 10 %.
Revenue growth of TaylorMade-adidas Golf was 6% thanks to strong growth in North America.
In the press release is mentioned that the reorganization of this department will continue. The company will cut 14% of TaylorMade-adidas Golf staff to the end of the year.
According to a new forecast of Adidas, the pace of growth of its revenues, excluding foreign exchange differences, this year will be expressed in the "high single digits" in percentage terms. Earlier it was expected that the rate increase will be expressed by "middle single digits."
The improving forecast reflects expectations of higher sales in Western Europe, China and MEAA, the company said.