SBD/5/Finance

EARNING REPORTS: ADIDAS REPORTS STRONG PROFITS FOR 3Q

          adidas yesterday "surprised investors with a stronger
     than expected increase in third-quarter pre-tax profits,"
     according to Graham Bowley of the FINANCIAL TIMES.  The
     company said pre-tax profits rose 64.4% to $176.8M in the
     period.  The company also announced that Chair Robert Louis-
     Dreyfus and fellow Dir Christian Tourres would each sell
     500,000 shares, but would continue to hold about 4.9% each
     of adidas share capital (FINANCIAL TIMES, 11/5).  3Q sales
     rose 46% to $1.2B, up from $859M in '96.  Apparel sales rose
     59% from '96, and footwear sales were up 35%.  In North
     America, sales rose 69% to $306.8M; European sales grew 34%
     to $792.6M; and Asian sales increased 74% (REUTERS, 11/4).  
          CONVERSE: Converse posted its sixth consecutive
     financial quarter of improved net earnings, for the 3Q ended
     September 27.  Net sales were $121.9M compared to $113.3M in
     the 3Q of '96, an increase of 7.6%.  Net earnings were $0.2M
     or $.01 per share compared to a loss of $3.0M or an $.18
     loss per share in the third quarter of '96.  For the nine
     month period, net sales increased 29.1% to $361.2M compared
     to $279.8M in '96  (Converse).  Results for the 3Q include
     an after-tax gain of around $8M, or $.45 per share, relating
     to the successful resolution of litigation stemming from the
     purchase of Apex One Inc. in '95 (BOSTON GLOBE, 11/4).
          OTHER NEWS: CNBC's Terry Keenan: "Fila closed down a
     fraction, just under $25 a share, but the stock could
     attract some buyers tomorrow.  The Italian sportswear
     company is out with disappointing 3rd quarter profits of
     $0.64, but that is well ahead of the street estimate. 
     Looking forward, Fila says that it will reengineer its U.S.
     apparel, footwear and retail divisions" ("Market Wrap,"
     11/4)....MI-based Penske Motorsports earned $8.8M, or $.63
     per share, on revenue of $44M in the 3Q '97, compared to
     $6.5M, or $50 per share, on revenue of $24M after 3Q '96
     (DETROIT FREE PRESS, 11/3)....CA-based Golden Bear Golf,
     Inc. announced 3Q '97 revenues of $17.7M, up 79% from $9.9M
     for the 3Q in '96.  Net earnings for the 3Q were $364,000,
     or $.07 per share, compared to $268,000, or $.06 per share a
     year ago (Golden Bear Golf).  

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