Adidas sees strong third-quarter sales in China as it opens more stores [Globe and Mail, The (Toronto, Canada)]
Foot Locker, Inc. (FL)
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Source: Globe and Mail, The
Adidas saw strong growth in Greater China in the third quarter, while sales in North America excluding Yeezy shoes were up on the year thanks to improving brand image, the company said on Tuesday. Its performance in China contrasts with other companies that are struggling with weak consumer demand and a likely longer wait for government stimulus measures to boost confidence. Currency-neutral quarterly sales rose 9 per cent to €946-million ($1-billion) in Greater China, up from 870 million a year earlier, its strongest quarterly sales in China since the start of 2022. “We are actually happy with the circumstances that you see in China, we are taking market share and we are more profitable both for us and the partners,” Adidas CEO Bjorn Gulden told journalists on a conference call, adding that he wouldn't be surprised if sales grow by 10 per cent or more in the fourth quarter. Adidas opened more than 200 stores in smaller Chinese cities by the end of the third quarter and aims
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Earnings
- 8/28/24 - Beat
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- 11/18/24 - Form 4
- 11/12/24 - Form SC
- 11/8/24 - Form SC
- FL's page on the SEC website