adidas Posts $339 Million USD Net Profit as Turnaround Continues
“I am telling you, we are winning big time.”
adidas AG has been struggling and in hot water amidst strong competition from rival sportswear brands such as Nike, Under Armour, and even Skechers. While its CEO pledged to turn things around within two years, it seems that things are looking up sooner than they thought. The company’s third quarter results have been revealed, and the German sportswear giant has posted a net profit of €311 million EUR ($339 million). These results are attributed to strong demand for both adidas and Reebok. adidas’s CEO Herbet Hainer has been on thin ice for most of the year, but says “Thanks to our outstanding performance during the first nine months we are reaching the 2015 goal line much faster than we had anticipated,” he said. “I am telling you, we are winning big time.” Due to these positive results, the adidas share price has jumped 44 percent. Lets hope for more good things to come out of adidas.
