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Thursday, Nov 73:59 AMAdidas net profit, sales fall, but sees momentum returning
Thursday, Nov 73:59 AM| Comment!
- Adidas' (ADDDF) Q3 net profit dropped 8.1% to €316M, in line.
- Sales tumbled 7% to €3.88B, also as expected.
- Operating profit dropped 6% to €463M, slightly below forecasts.
- Adidas' earnings were hurt by currency swings, "unexpected short-term distribution constraints" in Russia and the CIS, and poor sales of golf products.
- Q3 also faced tough comparisons with last year, when the Olympics and European soccer championships took place.
- Adidas reiterated that it expects sales to rise by a low single-digit rate in 2013 and that it predicts an operating margin of approximately 8.5%.
- Adidas CEO Herbert Hainer believes that momentum at the sportswear company will return in Q4 and beyond, especially with the FIFA World Cup set to take place in the summer of next year. (PR)