Adidas results hit by Reebok writedown
The group, which competes with Nike and Puma in the highly competitive market for soccer gear and running shoes, said Thursday it made a fourth quarter operating loss of 239 million euros, compared with analyst expectations for profit of 28.6 million.
It took a goodwill impairment of 265 million euros at the pre-tax level to reflect lower growth assumptions for Reebok. Last year Adidas cut its 2015 sales target for Reebok by a third.
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