PARIS — German activewear giant Adidas AG on Thursday said a decrease in taxes helped third-quarter net profits inch up 1.5 percent to 302 million euros, or $455 million at average exchange. Earnings per share rose 5.6 percent to 1.54 euros, or $2.32.
The second-largest activewear company after Nike reported that third-quarter revenues rose 4.8 percent, or 11 percent on a currency-neutral basis, to 3.08 billion euros, or $4.64 billion. Adidas sales grew 10 percent to 2.22 billion euros, or $3.34 billion. TaylorMade-Adidas Golf increased 3.5 percent to 197 million euros, or $296.8 million. Those increases offset a 9 percent slump in Reebok’s business to 1.59 billion euros, or $2.39 billion. On a currency-neutral basis, Adidas grew 15 percent, TaylorMade-Adidas Golf rose 12 percent and Reebok declined 1 percent.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"