Adidas issues surprise profit warning - sportstextiles: Lea SportsTextiles

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Adidas issues surprise profit warning

20/09/2013
German sportswear maker adidas has issued a unexpected profit warning only three months after forecasting record football revenues for 2014 on the back of its World Cup products.

Adidas, which has mostly exceeded sales and profit goals in the last couple of years, said weakening currencies in Russia, Japan, Brazil, Argentina and Turkey, a distribution problem in Russia and poor trading at its golf business meant targets were no longer attainable.

Its chief executive, Herbert Hainer, said the group remained confident about its 2015 "strategic aspirations", when it is hoping to achieve sales of EUR 17 billion.



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