adidas reported "higher-than-expected earnings" for Q3, helped by "double-digit sales increases in its performance business and at its urban wear units Adidas Originals and Neo," according to Ellen Emmerentze Jervell of the WALL STREET JOURNAL. adidas said that net profit in Q3 rose to $429.2M (all figures U.S.) from $344.5M in the same period last year. When adjusted for currency effects, sales rose 17% to $5.98B. adidas is seeing "strong momentum, especially in the U.S." The company has "raised its financial outlook four times this year, and recently surpassed rival Under Armour" in quarterly North American sales. Data from NPD Group also shows adidas' share of the U.S. footwear market "rose to 7.1% in the first nine months of the year." adidas' North American sales in Q3 rose 20% to $1.03B, while revenue rose 20%, "boosted by strong performance product and streetwear sales" (WSJ.com, 11/3).
SHIPPING UP TO BOSTON: In Boston, Jon Chesto notes adidas-owned Reebok "plans to shift about 700 employees" from Canton, Mass., to a new HQ in Boston. The move would be "one of Boston’s biggest corporate relocations in years." But it is "not going to come without some pain: About 300 people who work in corporate positions" for adidas in Canton "will either be asked to move out of state or lose their jobs." Reebok Brand President Matt O’Toole said that the company is "still reviewing a few sites in Boston." He added that a decision will be "made by the end of the year," and the move "should be done" by the end of next September (BOSTON GLOBE, 11/3).
