Sports giant adidas Group noted sales grow of 11% for the third quarter. The revenues grew on a currency-neutral basis, driven by double-digit sales growth in the adidas and TaylorMade-adidas Golf segments. While adidas revenues increased 15%, TaylorMade-adidas Golf sales grew 12%. Revenues in the Reebok segment declined 1%. Currency movements negatively impacted Group sales in euro terms. Group revenues grew 5% to € 3.083 billion in the third quarter of 2008 compared to € 2.941 billion in 2007.

“We have again delivered a strong set of financial results. Momentum in the adidas and TaylorMade-adidas Golf segments has clearly continued,” commented adidas Group CEO and Chairman Herbert Hainer. “And this is despite mounting pressure on retail markets and consumer spending around the globe.”

Sales grew in all regions except North America where revenues declined. Group sales in Europe grew 13% as a result of strong increases in most countries. In North America, Group revenues declined by 7% due to lower sales in the USA, but in Asia sales for the Group increased with 23%. In Latin America sales grew with 39%, which was also supported by the first-time consolidation of Reebok’s joint ventures in the region.

For the future, management plans to grow sales and net income again in 2009, based on current order intake and retailer feedback. However, as a result of the uncertain global macroeconomic environment and the potential impact on the Group’s financial results, Management currently lacks sufficient visibility on the Group’s business development in the coming year. This is why the adidas Group has decided to retract its financial guidance for 2009 and will provide a 2009 outlook with the presentation of the Group’s 2008 full year results in March next year.

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