Adidas Profits Leap Higher But Reebok Overhaul To Cost 150 Jobs

FRANKFURT, , (APP - UrduPoint / Pakistan Point News - 03rd Nov, 2016 ) - German sportswear group Adidas reported a jump in profits Thursday, lifted by strong sales of its own-brand trainers and apparel, but said a planned overhaul of its struggling Reebok unit would cost 150 jobs.

The Adidas group, which sponsors English Premier League giants Manchester United, confirmed its improved outlook for the year, bolstered by high-profile sponsorships during the Euro 2016 football tournament and the Rio Olympics, as well as collaborations with big Names like Kanye West.

"2016 will be a record year for the Adidas group with truly exceptional results," said new chief executive Karsten Rorsted, who took the helm on October 1.

For the July to September period, the group's net profit soared by 24 percent compared to the same period a year earlier to 386 million Euros ($428 million).

Group revenues grew by 14 percent to 5.4 billion euros. The Adidas brand itself, famed for its three-striped logo, saw global sales jump 20 percent, driven by strong demand for its retro-inspired adidas Originals trainers and its adidas neo urban fashion line.