The running shoe business continues to hold its own, particularly if the running shoes are used for golf or are sold in China.
Adidas Group, which owns Reebok and other businesses, reported that for 2012 its revenue rose 6% to 14.9 billion euros. Its sales in China rose 15% to 1.6 billion euros. Despite the economic problems in its home market of Europe, which is its largest area by sales, revenue there was up 3% to 4.1 billion euros. Even the unemployed need shoes.
Group sales in North America were down 8% on a currency-neutral basis, as growth at adidas and Taylor Made-adidas Golf was more than offset by declines at Reebok, mainly due to the non-recurrence of prior year related NFL licence sales.
In Greater China, Group sales were up 12% on a currency-neutral basis, driven by strong double-digit sales gains at adidas Sport Style.
Currency had an effect of two to three percentage points.
Filed under: 24/7 Wall St. Wire, Apparel, Consumer Goods, International Markets