adidas Group (ADDYY.PK, ADDDF.PK) reported that its first-quarter profit before taxes increased 10% to 427 million euros from 389 million euros last year. The Group's net income attributable to shareholders increased to 308 million euros or 1.47 euros per share from 289 million euros or 1.38 euros per share prior year.
Total revenue was down 2 percent to 3.75 billion euros from 3.82 billion euros last year. Group revenues were stable on a currency-neutral basis as a result of sales increases in Retail and Other Businesses.
adidas Group confirmed its guidance for the full year 2013. The Group continues to expect another year of double-digit earnings growth and strong cash flow generation. Group sales are forecasted to increase at a mid-single-digit rate on a currency-neutral basis in 2013. In 2013, the adidas Group gross margin is forecasted to increase to a level between 48.0% and 48.5%.
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