Good day,
Nike Roshe Run Nm Breeze Negro Rojo Hombres Liquidación Envío Rápido, ladies and gentlemen, and welcome to the adidas Group conference call for the half year 2011 financial results. Today’s conference is being recorded. At this time,
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Good afternoon ladies and gentlemen and welcome to our first half 2011 financial results conference call. Our presenters today are Herbert Hainer,
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Nike Free Run Powerlines Ii Azul Negro Hombres Nosotros Outlet Store, adidas Group CEO, and Robin Stalker,
Men Nike Free Run 2 Anthracite Black Red White For Cheap Mens Shoes, Group CFO. They will be covering our strong first half financial performance,
Nike Roshe Run Gris Rojo Malla Hombres Con Más Bajo Precio Auténtico, and giving you some insights into the various initiatives we have planned to continue momentum for the remainder of 2011. So,
Nike Free Run 4.0 Anti-piel Negro Rosa Mujeres Todo De Alta Calidad, let’s get started and over to you,
Nike Free Run 5.0 V3 2014 Sky Blue Men Ont Le Prix Le Plus Bas En Ligne, Herbert. Since outlining our strategic vision for the company under the title of Route 2015 last year, we have wasted absolutely no time and come out of the starting blocks in typical adidas Group fashion: fast and focused.

The trajectory of our operational and financial performance over the last six months is clear proof that our short and long term goals are not just ambitious aspirations,
2012 Nike Free Run 3.0 Blu Verde Argento Donne Outlet Store online 2014, but very realistic,
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By rigorously employing our strengths in innovation and design as well as supply chain excellence, we have been able to maintain our gross margin at 48.8%,
Nike Roshe Run Hombres Gris Amarillo A Precio Más Bajo 55% De Descuento,
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As a result of this development, and unlike most others in our industry,
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2012 Nike Free Run 5.0 V3 Negro Plata Mujeres Disfrute De Más Descuento, we have been able to keep investing into our future growth, while at the same time keeping a vigilant eye on our overhead expenses to drive operating margin improvement. This investment, as I have said many times before,
Nike Free Run Powerlines Ii Negro Verde Hombres Con El Envío Libre, are critical at this early stage of our strategic plan to ensure we put in place the right building blocks to deliver the long term quality sales growth and profitability improvements we are striving towards.

Taking this all together,
Nike Roshe Run Red Blanco Mujeres Con Alta Calidad y Entrega Rápida, the strong top line increase and an operating margin expansion of 30 basis points to 8.4% has yielded a perfect first half,
Naranja Nike Roshe Run Dark Blue Mesh Hombres Precio Al Por Menor, with earnings growth of 19%,
Nike Roshe Run ante morado Lightpink Mujeres Disfrute De Más Descuento, just shy of 350 million. Looking deeper in the top line, sales grew at double digit rates in nearly all regions in the first six months. Revenues in Western Europe increased 10% currency neutral, with strong sales growth in Germany,
Nike Free Run 3.0 Pourpre Argent Femmes Nous Avons Une Bonne Réputation,
Nike Free Run 4.0 Anti-pelliccia Nero Rosa Donne Con trasporto libero, France, Italy and Spain.

In European Emerging Markets,
Nike Roshe Run Nm Breeze Negro Rojo Hombres Hasta 52% De Descuento, Group sales increased 23% currency neutral due to growth in most of the region’s markets,
Nike Free Run 2 2012 Gris Amarillo Mujeres Zapatos Corrientes De Venta, in particular Russia and the CIS. In Latin America, sales grew 11% currency neutral with double digit increases in most of the region’s major markets,
Women Nike Free Run 4.0 V2 Black University Red Shop With Confidence, in particular Argentina,
2012 Nike Free Run 5.0 V3 Mujeres Plata Verde Para Auténtico Barato, which benefited from the Copa America football championship.

Without doubt, Greater China was our star performer so far this year, with currency neutral sales up 38%,
Nike Free Run 3.0 V4 Rojo Púrpura Mujeres Venta Zapatos Para Hombre, leading sales to a new record level of 552 million for the half year. Working closely with our local partners,
donne Nike Free Run 3 Lupo Grigio Verde Con prezzo più basso Authentic, we have put a lot of energy into getting our brands and our business just right in this market over the past twelve months. Today,
2013 Nike Free Run Líneas Azul Gris Hombres Para Usted Al Mejor Precio, unlike many of our competitors,
Nike Roshe Run Yeezy Red Donne Diventata una parte essenziale di moda, which are carrying older stocks,
Nike Free Run 5.0 Tr Nero Rosso Donne Vendita casa è la scelta migliore, and lots of it,
Nike Free Run 4.0 V4 2014 Rose Pink Mujeres Entrega Rápida a Su Puerta, our inventories in China are balanced and fresh.

Our wholesale partners are achieving significantly higher comp store sales with our brands compared to competitors and we are seeing limited effects on our business from discounting. Although the easy comparisons with the prior year are now over,
Nike Free Run 5.0 V3 2014 Orange Mujeres Venta Hombres Running Zapatos, momentum on the performance side is strong,
Nike Roshe Run Red Verde Mujeres Con Descuento Grande y El Envío Rápido,
Nike Free Run 4.0 V3 Verde Gris Mujeres Buena Calidad y El Envío Rápido, particularly in running, outdoor and training.

In addition,
2012 Nike Free Run 2 Black Violet Femmes Vente En Ligne Avec Cheap Prix,
Nike Roshe Run Fb Yeezy verdes Mujeres Leopard Para Zapatos Baratos, the wider availability of adidas Originals and the continuing evolution of adidas NEO are allowing us to rapidly capture more of the lifestyle segment. Therefore,
2012 Nike Free Run 2 Rose verde Mujeres Disfrute De Más Descuento, as long as there are no major macroeconomic shocks in the region,
Nike Free Run 3.0 V7 ​​Gris oscuro mujeres rojas Con Calidad Auténtico,
Nike Free Run 4.0 Fly Line Uomo Rosso Arancio Per Authentic economici, I am confident we will enjoy healthy growth rates in line with our medium term aspirations in the quarters and years to come.

Turning to North America, with 15% currency neutral growth in the first half, our Group is also flourishing in this critical market. And more importantly,
2012 Nike Free Run 3.0 púrpura Blanco Mujeres Con Calidad Auténtico, the quality of the business is improving with each and every quarter. While sales growth moderated to 5% currency neutral in Q2,
Nike Roshe Run Negro Verde Mujeres Venta En Línea Con El Precio Barato, as we had expected and communicated in May, all of the underlying trends for our brands were strong,
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At adidas, sales were up 13% currency neutral in Q2,
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Nike Run Roshe Ejército Verde Blanco Hombres Para Auténtico Barato, running,
Nike Free Run 4.0 Anti Fur Uomini Grigio Arancione Risparmiare fino 70%, basketball and training posted solid double digit growth. And we continue to make great strides in improving our distribution mix,
Nike Run Balanza gratuito 2014 Mujeres Gris Naranja Con El Envío Libre, with strong double digit growth in the mall and sporting goods channels. This is also creating further opportunities for us to refine our exposure to more premium retail channels.

For Reebok in North America,
Nike Free Run 2 Pinke Blanco Mujeres Para Baratos Pero Real Zapatos, sales in the quarter were lower,
Nike Free Run 5.0 Tr mujeres negras rojas Aquí Sería Su Mejor Opción, as we outlined already in May,
Nike Run Balanza gratuito 2014 Mujeres Gris Naranja Entrega Rápida, declining 15% currency neutral. This decline was exclusively due to the large sell in of toning products that had propelled sales up 31% in the prior year hit. If we exclude the toning category,
Nike Roshe Run Hombres Royal total Naranja acolchado Venta Auténtico, Reebok revenues were up 24% in North America in Q2,
Nike Roshe Run Yeezy Gris Hombres Para Baratos Pero Real Para Hombre,
Nike Roshe Run Dark Blue White Men Scarpe da corsa Per Cheap Ma il Real, highlighting the continued appeal of Zig,
2012 Nike Free Run 2 Mujeres Gris Rosa Con Alta Calidad y Entrega Rápida, and the successful launch of the RealFlex franchise.

Gross margins in this market were also up for the quarter,
Nike Free Run 2 Anthracite Noir Rouge Blanc Pas Cher Prix Qualité Cozy, which is a real testament to the Reebok team,
Nike Free Run 3.0 Rose Gris Mujeres Cada Par De Zapatos Que Compra,
136064 141 Nike Air Jordan 3 True Blue 2001 With Discount Off 56 78, who have successfully managed the developments in the toning segment with very little disruption to our business,
Men Nike Free Run 4.0 V2 Grey Gym Red Extra 50 Off Clearance Items, or that of our retail partners. In terms of the future,
Nike Free Run 4.0 V4 2014 Rose Pink Donne Risparmia tempo e denaro Ora, I’m very confident in our ability to continue the positive trends for both brands and we will see solid growth rates in the remaining quarters of the year,
Nike Free Run Powerlines Ii Azul Oscuro Hombres Con El Envío Libre,
2014 Nike Free Run Gimnasio Blanco Rosa Mujeres Hasta 52% De Descuento, obviously excluding the impact from the winding down of our NFL licensed business at Reebok.

To finish up on the markets, let me make a comment on Other Asian Markets, and in particular Japan. Sales for the half year were up 6% currency neutral driven by strong growth in South Korea. I am also pleased to report that our business in Japan has shown considerable resilience,
2012 Nike Free Run 3.0 pelliccia Caffè Donne Abbiamo buona reputazione, declining only 1% currency neutral in the second quarter.

From a brand perspective,
Naranja Nike Roshe Run Dark Blue Mesh Hombres Con La Mejor Calidad, a large part of this success in Japan has been the resurgence of Reebok,
Nike Free Run 5.0 V2 Gris Rosa Mujeres Entrega Rápida a Su Puerta,
Nike Roshe Run Yeezy Black Sliver Hombres Ahorre Tiempo y Dinero Ahora, where sales increased over 70% in Q2,
Nike Free Run Powerlines Ii Naranja Hombres Hasta 52% De Descuento, driven in particular by toning. This helped to more than compensate for mid single digit declines at adidas,
Nike Roshe Run Nm Breeze Navy Green Men Con Alta Calidad y Bajo Precio, which was nevertheless much better than the underlying market. TaylorMade adidas Golf also saw modest growth during the quarter due to the popularity of the R11 driver.

For the total Group in Japan,
Azul Nike Roshe Run Gris Luz Malla Hombres Tenemos Buena Reputación, this means that we have significantly extended our market share during the period,
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Nike Free Run 4.0 Sky Blue Femmes Avec Big Discount Et Livraison Rapide, with over half of the severely affected stores now operational again.

Barring any major setbacks,
Nike Roshe Run Suede Blu Giallo Argento Uomo Donna Godere di più sconto, we are now unlikely to see the big declines of 15% to 25% we feared back in May. The spirit of the Japanese to recover from the disaster is inspiring,
Nike Roshe Run Hombres Negro Rojo Cómodo y Envío Appropriate.Free, just as much as the Japanese ladies football team showed when they won the exciting FIFA Women’s World Cup Final in Frankfurt a few weeks ago.

For the second half of the year, we now expect sales in Japan to decline at the high single digit rate. Due to margin pressures,
Mujeres Nike Free Run 3 Light Bone Vivid Naranja Ven y Únete a Nosotros, we nevertheless still expect profitability headwinds compared to our original plan for the year. As you can see with Japan,
Nike Roshe Run Nm Breeze Noir Rouge Hommes Avec La Qualité Authentique,
Nike Free Run 6.0 Spiderman 2013 Negro Blanco Mujeres Venta Zapatos, even in difficult times,
Roshe Run Wmns Hyper Blu Argento Giallo In vendita, there is still so much possible when your brands are strong and relevant. So let me spend a few minutes on the brand initiatives that have driven our Group wide success in the first half.

At adidas,
Nike Roshe Run Negro Azul Blanco Hombres Venta Zapatos Auténticos, revenues increased 14% currency neutral in the first six months, with a very strong 10% increase in Q2 versus the prior year World Cup quarter. With the exception of football,
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2012 Nike Free Run 5.0 V3 Blanc Vert Hommes Vente Avec 70% De Réduction,
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In basketball, momentum for the brand is accelerating,
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Nike Free Run 4.0 2012 Noir Rouge Femmes Bonne Guality Et Moyennes Prix, the Crazy 8 and the introduction of the lightest shoe in the game,
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In training and outdoor,
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Nike Free Run 5.0 Tr Rojo Blanco Mujeres Precio Barato Calidad Cozy, and our Terrex platform more than doubling compared to the prior year. Today,
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Nike Roshe Run Marrón Hombres Con Descuento Grande y El Envío Rápido,
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Nike Free Run 4.0 Anti Fur Uomini Grigio Blu Offre varie 50% di sconto, fast hiking boot,
Nike Free Run 5.0 Tr Pink Mujeres Negras Venta Hogar Es Su Mejor Opción,
Nike Free Run 5.0 Grigio Rosso Uomini Buona qualità e trasporto veloce, stole the accolades.

Turning to adidas Sport Style,
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Nike Free Run 3.0 grises azules claros Mujeres Precio Al Por Menor, the highest Sport Style growth rate since Q4,
Nike Roshe Run blancas púrpuras verdes Mujeres Con Descuento Grande, 2005. Year to date,
Nike Roshe Run Energía Azul Verde Hombres Con Alta Calidad y Bajo Precio, Sport Style sales are up 30% with growth in every market,
Nike Free Run 3 grises amarillentas Mujeres Disfrute El Mayor Descuento, most at double digit rates. The key driver of this success continues to be the diversity of our offering and our ability to re create and re invent our unparalleled product heritage,
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Turning to Reebok, sales are also up 14% year to date and 5% in the quarter,
2012 Nike Free Run Tr Fit Azul Blanco Hombres Precio Barato Calidad Cozy, despite the double digit Q2 decline in North America,
317111 061 Air Jordan 15 Retro Black Varsity Red For Sale Authentic, which I already mentioned. Exporting the new Reebok globally is leading to very solid momentum for the brand,
2012 Nike Free Run 2 Negro Rojo Blanco Mujeres Para Auténtico Barato, with international sales up 19% for the quarter. retailers on the next generation of our toning footwear. Therefore,
Nike Free Run 2 Verde Blanco Turquesa Bueno Guality Y Media Precio, I’m confident that toning will stabilize into a sustainable,
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We are also very encouraged by the uptake of RealFlex,
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Nike Free Run 3.0 V4 Rojo Púrpura Mujeres Usted Puede Ahorrar Mucho Aquí, we continue to see solid improvements in average selling prices and margins for the brand,
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Nike Roshe Run Negro Gris Verde Hombres Para Baratos Zapatos Auténticos, and gross margins advancing 1.6 percentage points.

Finally, let me spend a moment on TaylorMade adidas Golf,
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Men Nike Free Run 4.0 V3 Wolf Grey White Hyper Blue Us Outlet Store, not only have we grown significantly, we have transformed our golf brands into industry leaders,
Men Nike Free Run 2 Blue White Grey Become An Essential Fashion Part, despite headwinds from a stagnant golf market.

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