Adidas AG released its third-quarter results, with a mixed performance amid challenging environments in Asian markets.
Revenue of €5.8bn for the three months to the end of September grew 3% compared to last year, while net income from continuing operations falling 10% to €479mln.
The sportswear giant reported 9% revenue growth in the Europe, Middle East, and Africa (EMEA) and 9% also in North America, while Latin America sales were up 55%, with these markets largely unaffected by COVID lockdowns and supply chain issues.
However, the same cannot be said for the Asia-Pacific market, which saw an 8% decline, led by a 15% decline in China.
Overall, gross profit margin declined 0.2% to 50.1% from the previous year, as significantly higher supply chain costs were offset by higher full-price sales.
Looking forward, the German company remains optimistic for the remainder of 2021 despite the unfavourable current market.
It anticipates growth in operating margin and net income, but at the lower end of the previously established ranges.
As of Wednesday morning, Adidas shares were trading at US$327.24, down 4.38%.