Reebok eats up Adidas earnings
(03-07 15:42)
German sportswear and equipment maker Adidas said that one-off writedowns hit its bottom line in 2012, but underlying profits increased due to higher sales.
Adidas said in a statement its year-end net profit declined by 14.2 percent to 526 million euros last year, AFP reports.
But the group said the figure included goodwill writedowns of 265 million euros largely related to “adjusted growth assumptions for the Reebok brand, especially in North America, Latin America and Brazil.''
Excluding these, net profit grew by 29 percent to 791 million euros, Adidas calculated.
Operating profit slipped by 3.4 percent to 920 million euros while sales jumped 11.7 percent to 14.883 billion euros.
Chief executive Herbert Hainer said products and brands enjoyed “several important market share victories.’’
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