FRANKFURT, Germany—Athletic apparel maker Adidas AG said Tuesday that its first-quarter profit was higher on improved demand for its Adidas branded goods along with its TaylorMade-adidas golf products.
The world's No. 2 seller of sports related clothing and shoes, Adidas earned euro169 million (US$261.3 million) in the January-March period compared with euro128 million a year earlier and above the euro156 million (US$241.2 million) that analysts polled by Dow Jones Newswires had forecast.
Sales rose 3.1 percent to euro2.62 billion (US$4.05 billion) in the period compared with euro2.54 billion in the first quarter of 2007.
"Adidas and TaylorMade-adidas Golf were our growth engines. At Reebok, we are progressing on plan to reposition the brand," CEO Herbert Hainer said in a statement.
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