Germany: Profit at Adidas Increases

Adidas, the German maker of athletic apparel and sporting goods, said its fourth-quarter profit rose 62 percent on lower purchasing costs resulting from its acquisition of Reebok in 2006, but its results fell below analysts' expectations. The company earned 21 million euros ($31.9 million) in the period, up from 13 million euros a year earlier. Sales rose to 2.4 billion euros ($3.7 billion) from 2.3 billion euros. Adidas said Reebok's chief marketing officer, Uli Becker, would succeed Paul Harrington as chief executive of the unit.