Adidas Group saw its second-quarter earnings soar 25 percent, despite slight sales setbacks, thanks to cost synergies from integrating Reebok into the German active giant.
For the quarter ended June 30, earnings increased to $144 million from $115 million in the second quarter last year. Earnings per diluted share were 68 cents from 54 cents. Dollar figures have been converted at the current exchange rate.
Sales for the quarter slid 1 percent to $3.31 billion from $3.35 billion in the same period last year, during which Adidas benefited from sales related to the 2006 FIFA World Cup. Gains in Adidas brand merchandise were offset by declines in Reebok, which Adidas acquired last year.
For complete coverage, see tomorrow’s issue of WWD.