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Adidas (ADDYY.PK) says it lost €273 ($356M) as its Reebok brand dragged down results. A...
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Thursday, March 7, 7:01 AM ETAdidas (ADDYY.PK) says it lost €273 ($356M) as its Reebok brand dragged down results. A large impairment charge the company took is tied to new growth assumptions for Reebok in North America, Latin America and Brazil. Sales rose 4% Y/Y to $3.37B ($4.39M) during the period with Europe still sputtering. An improved forecast for 2013 by Adidas for mid-single-digit sales growth and margin improvement could bode well for rival Nike (NKE).
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