Adidas hit by strong euro

German sportswear giant Adidas reported increases in third-quarter profit on Thursday, but its US unit Reebok continued to cause concern.
Turnover was almost stable at 2.94 billion euros (4.31 billion dollars), partly because of the weakness of the dollar, but operating profit grew 15 percent to 471 million euros compared to 409 million in the same period last year thanks to economies of scale from the acquisition of Reebok.
Net profit rose 22 percent to 298 million euros.
"Our group is set for continued growth in the rest of 2007 and beyond," chief executive Herbert Hainer said.
Reebok remains a problematic area two years after Adidas took it over. Orders for the brand were eight percent down year-on-year by the end of September, predominantly because of the strength of the euro.
In contrast, Adidas is in "top shape," Hainer said, with the world's number two sportswear brand recording its biggest increase in orders for nine months.