Adidas on Wednesday reported that third quarter currency-neutral revenues rose 8% or 3% to €5.87 billion from €5.68 billion last year ($6.72 billion from $6.5 billion, respectively, in U.S. dollars). Top-line sales were driven by double-digit growth in direct-to-consumer revenues with particular strength in e-commerce, where revenues grew 76% in the quarter, according to a company press release.
By brand in the quarter: Adidas revenues rose 10%, driven by double-digit growth in sport inspired and high-single-digit growth in sport performance, especially training and running. Reebok revenues fell 5% as double-digit growth in classics was more than offset by declines in training and running.
Gross margin in the period rose 1.4 percentage points to 51.8%, thanks to improved pricing, channel and category mix and lower sourcing costs. Operating profit rose 13% from last year, the company also said. Net income from continuing operations was up 19% to €656 million.
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