Inventory levels were down 23% year-on-year at 4.85 billion euros ($5.18 billion), a little more than expected, Adidas said.
Adidas' gross margin for the quarter was up 0.2 percentage points at 49.3%, helped by reduced freight costs and fewer discounts.
"Adidas' competitive position compared to Nike is improving," said Robert Schramm-Fuchs, portfolio manager at Janus Henderson, which holds Adidas shares.
"Adidas needs to earn back the shelf space, but I think they have the right product to do it," he said.
Adidas' sales in Greater China grew by 5.7% in currency-adjusted terms, a slowdown after growth of 16.4% in the second quarter.
Persons:
Tingshu Wang, Bjorn Gulden, Kanye West, Ye, Spezial, Gulden, Robert Schramm, Fuchs, Janus Henderson, Schramm, Adam Cochrane, Miranda Murray, Helen Reid, Maria Sheahan, Sherry Jacob, Phillips, Catherine Evans
Organizations:
Adidas, REUTERS, Apparel, Nike, Deutsche Bank . Currency, Reuters Graphics, Thomson
Locations:
Beijing, China, United States, North America, Greater China, Berlin