Adidas CEO eyes upper end of 2013 gross margin target
FRANKFURT May 3 (Reuters) - Adidas expects to reach the upper end of its profit margin guidance in 2013, after a strong first quarter in which new products sold through its own stores helped boost profits, its chief executive said on Friday.
"Given the health of our inventories in the market and the continued desirability of our brands, we now expect to achieve the upper end of our gross margin guidance of 48.0 percent to 48.5 percent," Herbert Hainer said in a speech to journalists after the group reported first-quarter results.
He said while Reebok sales had declined modestly in the quarter, the brand's profit margin had improved by 1.5 percentage points. (Reporting by Victoria Bryan; Editing by Christoph Steitz)
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