Adidas profit down 11 %

Adidas profit down 11 %

Sports clothing manufacturer Adidas's profit has dropped 11 % in its third quarter, despite a 6 % turnover increase. Its golf division did not performed well at all, which impacted results severely.

Golf does not sell

Adidas managed to increase its turnover 6 % to 4.1 billion euro in the third quarter, but its net profit dropped 11 % to 282 million euro. Disappointing exchange rates and a stumbling golf division pulled profit down. The golf division's turnover fell 36 %, which followed Adidas' profit warning in August. Especially golf brand TaylorMade failed to live up to expectations.

 

The company managed to grew turnover in Latin America, Europe and China, but North American turnover dropped 1.4 %, which means that Adidas still cannot put pressure on Nike in its home country. Western European and Russian turnover growth even reached double digits.

 

Reebok on the way back

Reebok has continued its upward trend with its sixth consecutive quarterly growth. Adidas has tried to turn Reebok into a fitness brand and that has seemingly worked.

 

Adidas now hopes to get a 650 million euro net profit and a 5 % turnover growth for 2014, down from its earlier 830 million euro forecast.

Questions or comments? Please feel free to contact the editors


Twelfth straight growth quarter for Walmart

17/08/2017

American supermarket chain Walmart has surpassed analysts’ expectations for the previous quarter, the company’s twelfth straight growth quarter. The world’s largest supermarket chain especially benefited from a strong online growth.

FrieslandCampina sells fruit juice division

17/08/2017

Dairy company FrieslandCampina has sold its fruit juice division, which also contained the Appelsientje brand to Dutch investment firm Standard Investment.

Carlsberg's turnover increases despite lower volumes

16/08/2017

In the first half of the year, Danish beer brewer Carlsberg’s turnover grew 2 % to 31.8 billion krona (4.3 billion euro). The improves sales for its more expensive beers, like Grimbergen, contributed to this turnover increase.

Losses keep growing for HelloFresh

14/08/2017

In the first half of 2017, meal box delivery service HelloFresh has seen both its turnover and its losses grow significantly. This gives mixed messages in the preparation of its IPO, which is planned this fall to create room for more investments.

Italian gelato is European market leader

11/08/2017

Italian cuisine is revered all across the globe, with people often thinking of pizza and pasta. However, Italians also have an ironclad reputation when it comes to ice cream. This is also reflected in sales, as Italians are the European market leader.

Oprah Winfrey and Kraft Heinz join forces

10/08/2017

American tv star Oprah Winfrey has joined forces with Kraft Heinz to develop a range of “healthy and nutritious soups and side dishes”. The range, currently only available in the United States, should help Kraft Heinz generate turnover growth once more.

Back to top