Golf division drags adidas’ results down
06/05/2014
Its CEO, Herbert Hainer, admitted the group is now considering offers for Rockport, which it bought in 2005.
“Our financial results for the first quarter reflect the challenging start to 2014, which we had expected,” he said. “Strong performances particularly in the emerging markets and in our own retail were masked by strategic changes to how we go to market at TaylorMade-adidas Golf as well as adverse currency effects.”
Despite the dip, he said he was still expecting an “accelerated period of growth” for the rest of this year, as the group hopes to capitalise on football sales driven by the World Cup.
Group operating profit declined 31% to €303 million in the three month period, while revenues fell to €3.5 billion.
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