adidas just wrapped its most lucrative quarter ever.
In its Q1 2016 earnings report released today, the adidas Group is reporting quarterly revenues of €4.769 billion, which is roughly $5.48 billion USD. This number is up 17 percent from this time in 2015 and signifies a 22 percent increase on a currency-neutral basis, making it the highest quarterly revenue in the company's history.
Not only is the adidas brand booming with a 26 percent currency-neutral increase, but subsidiaries like Reebok are flourishing, too. Reebok's currency-neutral numbers are up six percent in comparison to this time last year, marking its 12th straight quarter of growth.
adidas CEO Herbert Hainer said he was especially happy with how the brand performed in North America, an area where it's long struggled. "This shows that our focus on this important market is paying off," Hainer said.
Along with the massive earnings, adidas has also announced that it's looking to sell its golf brands including TaylorMade to focus more attention on sneakers. "TaylorMade is a very viable business. However, we decided that now is the time to focus even more on our core strength in the athletic footwear and apparel market," Hainer said.