Adidas Posts Higher Q1 Profit

reported a gain in its net profit for the first quarter. The company's quarterly net profit climbed to 221 million euros ($247 million), versus a year-ago profit of EUR204 million. Net income from continuing operations rose 13 percent to 237 million euros. Its revenue rose 17.3 percent to 4.08 billion euros from 3.48 billion euros, while revenue excluding currency effects surged 9 percent. Its sales climbed 28 percent in North America, while sales in Western Europe jumped 13 percent. Herbert Hainer, adidas Group CEO, said, "We got off to a successful start to the year with our adidas and Reebok brands enjoying great momentum." Adidas reaffirmed its outlook for the full year. Adidas shares rose 2.88 percent to close at $42.52 yesterday.