Adidas hopes sales will kick off with raft of new products
A lack of major sporting events caused sales to fall at German giant Adidas which said a raft of new products would help boost trading.
The firm, which also owns Reebok, blamed tough comparable figures from the London Olympics and the European Football Championships for a 2 per cent fall in first-quarter sales.
Adidas, which sponsors Team GB athletes including Jessica Ennis, did manage its highest-ever gross profit margin after a series of price hikes.
Star power: Adidas sponsors Team GB athletes such as Jessica Ennis
Chief executive Herbert Hainer said: ‘We delivered stable revenues, despite…facing a continuation of macroeconomic challenges in Europe.’
However double-digit sales declines at Reebok caused Adidas to miss sales forecasts. Adidas has been grappling with problems at Reebok for over a year and took a £223million writedown on the brand at the end of last year.
Reebok lost a big NFL American Football contract and a fraud was uncovered at its operations in India.
Herbert Sturm, an analyst at DZ Bank, said ‘The most important news of today is that Adidas is able to deliver margin improvement in a difficult market environment.’
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