Comparative Analysis Case adidas and Puma The financial statements of adidas (DEU) and Puma (DEU) are presented in Appendices B and C, respectively.

The complete annual reports, including the notes to the financial statements, are available online.

Instructions Use the companies’ financial information to answer the following questions.

(a) What were adidas’s and Puma’s net revenues (sales) for the year 2012? Which company increased its revenues more (amounts and percentage) from 2011 to 2012?

(b) Are the revenue recognition policies of adidas and Puma similar? Explain.

(c) In which foreign countries (geographic areas) did adidas (see Note) and Puma experience significant revenues in 2012?