Herzogenaurach – adidas Group today announces preliminary results for the first quarter of 2010.
Group revenues increased 4% both on a currency-neutral basis and in euro terms to almost € 2.7 billion. As a result of increased gross margin and operating expense leverage, Group operating profit increased to € 260 million in the first quarter of 2010 (2009: € 58 million). The settlement of a lawsuit and the divestiture of a trademark both contributed a low-double-digit million euro amount each to this development. Net income attributable to shareholders increased to € 168 million (2009: € 5 million). Diluted earnings per share amounted to € 0.80 in the quarter (2009: € 0.04).
Following the stronger than expected first quarter performance, Management now forecasts full year earnings per share to reach a level between € 2.05 and € 2.30 (previously: between € 1.90 and € 2.15). More detail on the revised outlook will be given with the publication of quarterly results on May 4, 2010.