South Africa 2010 makes adidas optimistic
07/08/2009
Sports brand Adidas has reported better results than analysts had estimated for the second quarter of 2009, and has forecast an better second half of the year.
Chief executive, Herbert Hainer, said that the worst was over and that the 2010 Fifa World Cup in South Africa would spur sales for his company.
Sales and profits fell in the second quarter, especially in Russia, which it has targetted as a key source of growth, but the company still managed to stay profitable. Group sales fell 2.5% to EUR2.46 billion from EUR2.52 billion a year ago.
“Although there are still challenges ahead, I am confident that our results will improve as we go through the remainder of the year. We expect to generate significantly positive earnings per share in the second half of the year, albeit below the record levels of the prior year,” said Mr Hainer.
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