FRANKFURT, Germany — German shoe and sporting goods company Adidas AG says net profit rose 4 percent in the second quarter to 172 million euros ($229 million) as stronger sales in China and Latin America offset a decline in Europe.
Sales fell 11 percent in the April-June quarter in Western Europe, where the year-earlier figure was swollen by advance sales of gear linked to the London Olympics and the UEFA Euro 2012 soccer tournament. Europe’s weak economy also played a role.
The company said Thursday sales rose 21 percent in Latin America and 6 percent in China, after excluding the effects of shifting currency exchange rates.
North American sales fell 2 percent as a late start to the golf season hurt sales at the TaylorMade brand, which makes clubs and balls.
Source: Associated Press