ADS Adidas AG

   By Cristina Roca 
 

Adidas AG (ADS.XE) has increased its share of the U.S. market year-to-date and its sales momentum is outpacing that of American rivals Nike Inc. (NKE) and Under Armour Inc. (UA) on their home turf.

The sportswear giant's management said Wednesday during a third-quarter earnings call that it expects 2019 to be a "record year" in terms of market share, and confirmed that Adidas has grown its share of the key U.S. market so far into the year.

Adidas's sales momentum picked up in the third quarter, especially in North America, where the German company overcame supply-chain bottlenecks and managed to outpace American competitors: organic sales growth in the region accelerated to 10% in the quarter ended Sept. 30, from 5.8% during the previous quarter. By comparison, rival Nike posted an organic sales increase of just 4% in North America for the quarter ended Aug. 31, while Under Armor reported falling third-quarter sales in the region.

The German company on Wednesday reported third-quarter sales of 6.41 billion euros ($7.12 billion). On a currency-neutral basis, sales growth accelerated to 6% in the quarter from 4% in the first half.

Adidas expects top-line growth to further ramp up during the final quarter and management expects to hit the middle of the company's guided range of 5%-8% currency-neutral sales growth for the year, or around 6.5%, it said.

Adidas's net profit fell to EUR646 million from EUR658 million, as previously flagged by the company.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

November 06, 2019 08:40 ET (13:40 GMT)

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