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Wednesday November 4, 04:34 PM
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Source: Financial Express
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Adidas 3Q net income falls 30%
German sportswear company Adidas AG says its net income fell 30 percent in the third quarter as the company saw sales declines, especially at its sport performance division.
Adidas, based in Herzogenaurach, said Wednesday that net income fell to euro213 million ($315 million) in the July-September period from euro302 million in the third quarter of 2008.
Revenue for the period fell to euro2.89 billion from euro3.1 billion in the third quarter of 2008, a 7 percent decrease.
The company says in its report that "Adidas Group sales are expected to decline at a low- to mid-single-digit rate on a currency-neutral basis in 2009."
