News Summary: China, Latin America help Adidas

Shoemaker Adidas sees profits rise as China, Latin American sales offset Europe slump

Associated Press

PROFIT JUMPS: German shoe and sporting goods company Adidas AG said Thursday net profit rose 4 percent in the second quarter to 172 million euros ($229 million) as stronger sales in China and Latin America offset a decline in Europe.

EUROPEAN WEAKNESS: Sales fell 11 percent in the April-June quarter in Western Europe, where the year-earlier figure was swollen by advance sales of gear linked to the London Olympics and the UEFA Euro 2012 soccer tournament. Europe's weak economy also held down sales.

STRONG SHOWINGS: Sales rose 21 percent in Latin America and 6 percent in China, excluding the effects of shifting currency exchange rates.

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