HERZOGENAURACH (dpa-AFX) - The sporting goods group Adidas has achieved robust growth at the start of the year - with the exception of the important North American market. Here, revenues in the first quarter fell by four percent on a currency-adjusted basis, the company announced when presenting its final figures in Herzogenaurauch on Tuesday. Wholesale recorded double-digit declines in the region. Wholesale in North America had recently suffered from continued high stock levels.

In contrast, currency-adjusted sales in China rose by eight percent. One of the biggest growth drivers was Latin America with an increase of 18 percent. However, Europe also recorded double-digit growth of 14 percent. Group sales rose by four percent to just under 5.5 billion euros, with negative currency effects having a negative impact. Adjusted for currency effects, growth amounted to eight percent. The bottom line was a profit of 170 million euros, after a loss of 39 million euros. Adidas had already presented preliminary figures for the quarter in mid-April and raised its forecast for the year. Overall, inventory levels continued to normalize, with inventories decreasing by 22 percent or 1.2 billion euros to 4.4 billion euros./nas/stk