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EARNING REPORTS: ADIDAS REPORTS STRONG PROFITS FOR 3Q
Published November 5, 1997
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).