Adidas Europe dribbles and profits 4% more

The German manufacturer of shoes and Adidas sporting goods rose 4% in net income for the second quarter, to € 172 million. According to the company, the sales performance in China and Latin America compensated for the Western Europe, where sales dropped 11%.
The variation was explained by comparison-in 2012 sales were driven by the London Olympics and the euro. But the fragile euro economy, in recession and high unemployment, also affected sales.
In Latin America and China, sales rose 21%, respectively, and 6%, excluding currency variations. In North America, the recipe has 2%, influenced by the late start of the golf season, which affected the outcome of the trademark TaylorMade.
In total, the Group sales fell 4% in the second quarter, to € 3.38 billion. In addition to the fall in Europe and the United States, has also been affected by foreign exchange impacts. With the yen depreciated, the results in Japan were smaller in euros.
The Herzogenaurach, Germany, reported that profit was helped by the sale of higher value-added products in stores of own brand, which ensured higher net margins to multi-brand network. The Adidas operating margin reached 7.4% in the quarter, up from 7.3% established in the same months of 2012.
The shares closed yesterday at 2.1% drop, quoted at 84.00 euros in Frankfurt.