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Shima Seiki
Shima Seiki

16th May 2008

Adidas Group first quarter 2008 results

17 May 2008, Herzo-Base, Germany -

Adidas and TaylorMade-adidas Golf currency-neutral sales increase at double-digit rates

Group gross margin increases 2.3 percentage points to new record level of 49.1%

Currency-neutral Reebok backlogs decline 13%

2008 outlook reconfirmed

First Quarter adidas Group currency-neutral sales grow 10%

During the first quarter of 2008, Group sales increased 10% on a currency-neutral basis, driven by double-digit sales growth in the adidas and TaylorMade-adidas Golf segments. Revenues in the Reebok segment, however, declined. Currency movements negatively impacted Group sales in euro terms. Group revenues grew 3% in euro terms to € 2.621 billion in the first quarter of 2008 from € 2.538 billion in 2007. “We are off to a fast start to 2008,” commented adidas AG CEO and Chairman Herbert Hainer. “adidas and TaylorMade-adidas Golf were our growth engines. At Reebok, we are progressing on plan to reposition the brand. As a Group, we are stronger than ever before. Most importantly, Group profitability has improved substantially.” Double-digit sales growth at adidas and TaylorMade-adidas Golf in Q1

The adidas and TaylorMade-adidas Golf segments set the pace for the Group’s sales growth in the first quarter of 2008. Currency-neutral adidas segment revenues increased 14% during the first three months, driven by strong performance product sales in nearly all major categories. Currency-neutral sales in the Reebok segment declined 6% in the first quarter of 2008, mainly as a result of Reebok’s repositioning efforts in the USA and the UK. At TaylorMade-adidas Golf, currency-neutral revenues increased 17%, due to the strong product offering in all major categories, helped by several new product launches. Currency translation effects negatively impacted sales in all segments in euro terms. adidas sales in euro terms increased 8% to € 1.968 billion in the first quarter of 2008 from € 1.819 billion in 2007. Sales at Reebok decreased 13% to reach € 454 million versus € 524 million in the prior year. TaylorMade-adidas Golf sales in euro terms increased 6% to € 191 million in 2008 from € 180 million in 2007.

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