Q4 income falls 64% at adidas
04/03/2010
German sportswear company adidas has posted a 64% decline in net income for its fourth quarter. Income totalled EUR19 million compared with EUR54 during the fourth quarter of 2008. According to the company, rising purchasing costs, currency effects and a drop in demand led to the decline.
Revenue for the fourth quarter of 2009 was steady with the prior-year quarter at EUR2.5 billion.
For 2009, net income fell 62% to EUR245 million from EUR642 million in 2008. Revenues fell 6% to EUR10.4 billion from EUR10.8 billion.
"With no doubt, 2009 was the most difficult year during my time as chief executive," Herbert Hainer said. "However, we rose to the challenge.”
He added that the company was more optimistic for 2010 with sales starting to pick up ahead of the South Africa World Cup. Nevertheless, it remains cautious, predicting a low to mid-single-digit increase in sales.
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