German sportswear company adidas reported "a better than expected rise in 2014 sales on Friday as it announced the sale of its non-core Rockport shoe brand," according to Emma Thomasson of REUTERS.
The world's second-biggest sportswear group behind Nike "has been losing market share to its U.S. rival, which has been better at creating buzz with its brands, but its sales were helped" by the 2014 FIFA World Cup and the victory of the German team it sponsors. In Friday's unscheduled statement ahead of full results due on March 5, adidas reported '14 sales up 2% to €14.8B ($16.5B), beating a Thomson Reuters Smart Estimate of €14.68B ($16.4B).
Long-serving CEO Herbert Hainer, who came under pressure last year after a series of profit warnings, said that "the group recorded double-digit growth in the fourth quarter in western Europe, Greater China, European emerging markets and Latin America, without giving figures." Commerzbank analyst Andreas Riemann: "The full-year prelims confirm that the adidas brand is doing OK outside the United States. In contrast, Russia remains a challenging market" (REUTERS, 1/23).
