Adidas shares drop as currency swing hits margin

Shares in Adidas fell the most in four months as currency swings and in-store spending crimped profitability in the third quarter, even as the sports kit maker reported sales that met analysts’ estimates on sales in Europe, the US and China.

Revenue rose 14% to €5.4bn and operating profit increased 12% to €563m.

Analysts on average had expected sales of €5.38bn and profit of €564.9m. Gross margin slipped 0.9 percentage points to 47.6%.