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Adidas sees 97% plunge in earnings
By George Frey |
May 6, 2009, Wednesday
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Print Edition
Print Edition
GERMAN sportswear maker Adidas AG said yesterday its first quarter net profit fell 97 percent as the economic crisis crimped the company's sales, especially in North America.
The Herzogenaurach-based firm said net profit for the January-March period fell to just 5 million euros (US$6.61 million) from 169 million euros in the first quarter of 2008.
Sales for the period fell 2 percent to 2.58 billion euros (US$3.41 billion) from 2.62 billion euros in the first quarter of 2008.
The company, whose brands include Reebok and TaylorMade Adidas Golf products, said it expects sales to decrease at a low to mid-single digit rate in 2009.
"We've faced a number of economic and market challenges in the first quarter of 2009," said Herbert Hainer, Adidas' chief executive.
"Our results have been materially affected by higher input prices, currency devaluation effects and restructuring costs. Although some of these items will recur again as we go through the balance of the year, I am convinced we will put most of these effects behind us in the current year."
Adidas said it expected lower earnings per share in the near term, but an improvement in the second half of 2009. The firm predicted it would then generate "significantly positive" earnings per share in the second half due to added business.
The Herzogenaurach-based firm said net profit for the January-March period fell to just 5 million euros (US$6.61 million) from 169 million euros in the first quarter of 2008.
Sales for the period fell 2 percent to 2.58 billion euros (US$3.41 billion) from 2.62 billion euros in the first quarter of 2008.
The company, whose brands include Reebok and TaylorMade Adidas Golf products, said it expects sales to decrease at a low to mid-single digit rate in 2009.
"We've faced a number of economic and market challenges in the first quarter of 2009," said Herbert Hainer, Adidas' chief executive.
"Our results have been materially affected by higher input prices, currency devaluation effects and restructuring costs. Although some of these items will recur again as we go through the balance of the year, I am convinced we will put most of these effects behind us in the current year."
Adidas said it expected lower earnings per share in the near term, but an improvement in the second half of 2009. The firm predicted it would then generate "significantly positive" earnings per share in the second half due to added business.
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