SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMCNet:  Adidas vows to up its game as profits crash

[August 08, 2014]

Adidas vows to up its game as profits crash

(City A.M. (UK) Via Acquire Media NewsEdge) GERMAN sportswear giant Adidas yesterday announced a 25 per cent drop in half-year net profit, blaming this on consumer sentiment in Russia and the euro's strength.

Although World Cup-related sales increased two per cent to €3.465bn (£2.75bn) in the second quarter of 2014 , its first half, pre-tax profit dived 25 per cent to €495m from €663m in 2013.

In Russia, Adidas will open only 80 stores this year, due to the rouble's weakness against the euro.


The world's second largest sportswear firm - after Nike - said it would launch its biggest marketing campaign ever next year, raising marketing expenditure to up to 14 per cent of sales, above a previous target of 12 to 13 per cent.

Chief exec Herbert Hainer said: "We'll look carefully to get the biggest bang out of our money," (c) 2014 City A.M.

[ Back To Technology News's Homepage ]

OTHER NEWS PROVIDERS







Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved | Privacy Policy