Adidas sinks to a loss in Q4
Source: Agencies |
March 8, 2013, Friday
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Print Edition
Print Edition
SPORTS gear maker Adidas AG lost 273 million euros (US$356 million) in the fourth quarter as it wrote down the value of its Reebok brand. But it said sales and earnings would gain this year and raised its dividend payments.
Adidas said it took a goodwill impairment of 265 million euros at the end of last year. It said the loss was "mainly caused because of adjusted growth assumptions for the Reebok brand, especially in North America, Latin America and Brazil."
The firm made a profit of 1 million euros for the same quarter in 2011. Sales rose 4 percent to 3.37 billion euros.
Adidas said it took a goodwill impairment of 265 million euros at the end of last year. It said the loss was "mainly caused because of adjusted growth assumptions for the Reebok brand, especially in North America, Latin America and Brazil."
The firm made a profit of 1 million euros for the same quarter in 2011. Sales rose 4 percent to 3.37 billion euros.
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