Adidas Profits Fall 30% in Q3

CEO is still cautiously optimistic

Sportwear and equipment maker Adidas said on Nov. 4 that its net profit fell by 30% to 213 million euros (US$314 million) in the third quarter of 2009.

Sales for the three-month period slipped by 6% to 2.89 billion euros, though when corrected for foreign exchange effects the figure showed an increase of 7%.

Adidas chief executive Herbert Hainer said that the group had "sucessfully adapted to a difficult environment. "Consumer and retailer sentiment still hovers between fear and optimism," he said, adding: "However ... I am cautiously optimistic."

For the full year, the group confirmed its outlook for a fall of between 1% and 5% in sales and a lower net profit than in 2008.

Copyright Agence France-Presse, 2009

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