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Adidas Sees Q1 Profits Increase; ESPN Costs Hurt Disney's Results

adidas today reported an 8.2% uptick in Q1 net profit "on the improved performance of the German sporting-goods group's namesake and Reebok brands." Net profit for the period ending in March rose to $246M from $226M in the year-ago period, "slightly below analysts' expectations." Q1 sales rose 9% to $4.54B, "adjusted for currency effects." Sales in North America, "a sore spot for Adidas for many years, rose 7% on a currency-neutral basis" (WSJ.com, 5/5).

Meanwhile, Disney this morning reported quarterly earnings, with CNBC’s Julia Boorstin noting the company beat the estimates with “broadcasting showing … big growth in operating income.” But CNBC’s Andrew Ross Sorkin noted “operating income at cable networks, including ESPN, decreased” by 9% to $1.8B for the quarter “due to a decrease at ESPN.” Sorkin: “We always say content is king, but here is what’s happening. The decrease at ESPN was driven by higher programming and production costs. It costs more and more to get the rights for these productions and you have to make up on the other end with the subscriber” (“Squawk Box,” CNBC, 5/5).

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

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