Adidas reports more strong growth in North America, China

Sales of the Adidas and Reebok brands rose 28 percent in greater China and 23 percent in North America. (Reuters)
Updated 09 November 2017

Adidas reports more strong growth in North America, China

BERLIN: German sportswear firm Adidas 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.
Third-quarter sales rose 9 percent to €5.677 billion (SR24.67 billion), while net profit jumped more than a third to €526 million, versus average analyst forecasts for €5.86 billion and €512 million respectively.
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 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 Armor.
Nike posted its slowest quarterly sales growth in nearly seven years in September, while Under Armor slashed 2017 sales and profit forecasts last month and reported its first year-on-year fall in revenue in the third quarter.
Adidas, which hiked its full-year outlook in July, reiterated its forecast for 2017 currency-neutral sales to rise between 17 and 19 percent and for net income to increase at between 26 and 28 percent.


Lebanon removes banking secrecy rules to fight corruption

Updated 28 May 2020

Lebanon removes banking secrecy rules to fight corruption

  • The move opens the way for investigations into bank accounts of current and former officials such as Cabinet ministers

BEIRUT: Lebanon’s parliament approved on Thursday a law to remove decades-old banking secrecy rules in order to better fight rampant corruption that has pushed the country to the edge of economic collapse.
The move opens the way for investigations into bank accounts of current and former officials such as Cabinet ministers, legislators and civil servants, state-run National News Agency reported.
The restoration of stolen public money in the corruption-plagued nation has been a key demand of protesters who have been demonstrating since mid-October against Lebanon’s ruling elite, which they blame for widespread corruption and mismanagement.
The approval of the law came two months after the Cabinet approved a draft resolution to abolish the country’s banking secrecy laws, which have turned tiny Lebanon into the region’s Switzerland, attracting clients from around the Arab world who prized the anonymity its banks offered.
The new law gives powers to National Anti-corruption Commission and a Special Investigative Committee at the central bank to investigate bank account of officials, the report said.
For Thursday’s session, Lebanese lawmakers convened inside a Beirut theater so that they could observe social distancing measures imposed during the pandemic. Dozens of anti-government demonstrators briefly clashed with riot police outside as legislators met.
As lawmakers in face masks arrived at the theater, known as the UNESCO palace, paramedics sprayed them with disinfectant before they entered, one at a time.
Lebanon has been facing its worst economic crisis in decades, with unemployment figures soaring and the local currency losing more than half of its value against the dollar.
After the banking secrecy measure was passed, Parliament Speaker Nabih Berri suspended the session until later in the afternoon when the legislators were to discuss a draft general amnesty law.
The amnesty issue has deeply divided parliamentary blocs, with Christian groups calling for pardoning Lebanese who fled to Israel after it ended its occupation of southern Lebanon in 2000, while former Prime Minister Saad Hariri and others want the release of hundreds of Islamists held as terror suspects.
Lebanon and Israel are at a state of war and some Lebanese who fled to Israel now hold Israeli citizenship. Scores of protesters demonstrated in Beirut and southern Lebanon on Thursday against pardoning those living in Israel.