Currency-neutral sales for the adidas-Salomon Group in the third quarter grew 6%. On a reported basis, however, at euro 1.9 billion, third quarter sales were slightly lower than the level achieved in 2002. During the first nine months, sales increased 7% on a currency-neutral basis. This represents a decline of 2% in reported terms from euro 5.0 billion in 2002 to euro 4.9 billion in 2003.
Herbert Hainer, chairman and CEO of adidas-Salomon, said, “We‘ve faced a number of economic, political and market challenges in the first nine months of 2003, and overall have delivered excellent sales and earnings performances. Regionally, Europe and Asia have done particularly well, and we are quickly moving to refocus our efforts in North America. adidas-Salomon is an organization with flexibility, imagination and tenacity — exactly the types of skills that it takes to win in our industry today.”
Revenues at TaylorMade-adidas Golf in the first nine months increased 9% on a currency-neutral basis. This represents a decline of 6% in reported terms, from euro 516 million in 2002 to euro 487 million in 2003. Excluding the euro 21 million sales for Slazenger Golf in the first nine months of 2002 from a licensing arrangement that was not renewed in 2003, sales for TaylorMade-adidas Golf increased 14% in currency-neutral terms (-2% in euro terms), making TaylorMade-adidas Golf the Group’s fastest growing segment. The underlying sales increase is attributable to growth in RAC irons as well as in adidas Golf footwear and apparel.
At brand adidas, sales increased 8% on a currency-neutral basis in the first nine months. In reported terms, this represents a decline of 1% from euro 4.1 billion in 2002 to euro 4.0 billion in 2003. Drivers of this development were solid underlying growth in the Sport Performance running and training categories as well as in the Sport Heritage division.
Salomon sales in the first nine months were down 2% on a currency- neutral basis. This represents a decline of 8% in reported terms from euro 424 million to euro 390 million. Solid growth in cycling components and soft goods was offset by lower sales in the alpine, snowboard and inline skate categories due to difficult retail conditions.
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