Credit: Adidas

In currency-neutral terms, sales were up by 10%. The company attributed its growth to the Adidas business, which was up 14%, while the sale of parts of Yeezy generated €200 million.

Footwear revenues were up by 14% on a currency-neutral basis, while apparel improved by 5% and accessories grew 10%.

The wholesale channel had growth of 13% in the quarter, while direct-to-consumer (DTC) revenue was up 7% year-on-year, with a decline of 3% for e-commerce primarily attributed to Yeezy.

In Europe, the company reported an improvement of 18% in revenue, while Emerging Markets had an increase of 16% and Latin America was up 28%. North America declined by 7% (but was up when excluding Yeezy from the comparison) and Greater China grew 9%.

Net income for the third quarter totalled €4 million while net income from continuing operations came in at €469 million.

For the first nine months, revenues were up 7% to €17.72 billion with growth of 10% on a currency-neutral basis.

The results led Adidas to improve its outlook for the full year, now expecting currency-neutral revenues to growth by 10% year-on-year.