Summer of sport boosts demand for Adidas

Adidas said that a summer of sport was boosting demand for its products, helping it avoid the worst of a slowdown in sales growth in China and Europe.

“If the world collapses it might hit us as well, but I do believe, without sounding too confident, that we are much better than our competitors,” chief executive Herbert Hainer said yesterday, after forecasting 2012 earnings towards the top of its target range.

Adidas said sales growth in China slowed to 13% in the second quarter from 26% in the first.

Sales in debt-ridden western Europe were up just 5%, compared with 7% in the first quarter.

Mr Hainer said he believed Adidas had gained market share in key markets such as China, the US and Britain from rivals, who have reported slower growth figures, or even declines in Europe in the case of Puma.

“In general the market might be tougher but all that I have heard from retailers is that we are the frontrunner in China.”

Local rival Puma warned on profit last month as shoppers in Europe, its biggest market, held back on spending, while Nike missed quarterly estimates and said orders for future delivery were slowing.

— Reuters