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UPDATE 1-Adidas reports more strong growth in N.America, China

UPDATE 1-Adidas reports more strong growth in N.America, China
From Reuters - November 8, 2017

BERLIN (Reuters) - German sportswear firm Adidas (ADSGn.DE) reported another strong quarter of sales and profit growth, driven by expansion in China and North America, where it has been taking market share from arch rival Nike(NKE.N).

Third-quarter sales rose 9 percent to 5.677 billion euros ($6.59 billion), while net profit jumped more than a third to 526 million euros, versus average analyst forecasts for 5.86 billion and 512 million euros respectively. [nL5N1NC50L]

Sales of the Adidas and Reebok brands rose 28 percent in greater China and 23 percent in North America, but fell 17 percent in Russia, which Adidas blamed on the ongoing challenging consumer sentiment and store closures.

Adidas saw double-digit sales increases in its running and outdoor categories as well as at its Originals and Neo fashion labels, but said revenues fell from soccer and basketball, mainly due to the termination of two major sponsorship deals.

Adidas and fellow German brand Puma (PUMG.DE) have been gaining market share in North America as customers snap up their retro styles and lifestyle shoes instead of basketball and sports performance gear, hurting Nike and Under Armour(UAA.N).

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