×
6 366
Fashion Jobs
TK MAXX
10933-Loss Prevention/Securityofficer
Permanent · Nottingham
TJX EUROPE
IT Engineering Manager
Permanent · Watford
TJX EUROPE
tk Maxx Leicester - Loss Prevention Officer (Security) - Full Time 37.5hrs
Permanent · Leicester
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, New Street
Permanent · Birmingham
GILLY HICKS STORES
Gilly Hicks - Brand Representative, Arndale
Permanent · Manchester
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Midsummer Place
Permanent · Milton Keynes
HOLLISTER CO. STORES
Hollister CO. - Full Time Stock Lead Associate, Trafford
Permanent · Manchester
TAPESTRY
Coordinator, Store Operations & Communications
Permanent · London
COACH
Analyst, Wholesale Operations
Permanent · London
COTY
Senior National Account Manager
Permanent · London
FRASERS GROUP
Warehouse Training Instructor
Permanent · SHIREBROOK
FRASERS GROUP
Facilities Coordinator
Permanent · LONDON
REISS
Partner Marketing Executive
Permanent · LONDON
REISS
Digital Marketing Executive
Permanent · LONDON
HUGO BOSS UK LTD.
Finance Assistant - Accounts Payable
Permanent · LONDON
WAITROSE
Warehouse Partner
Permanent · AYLESFORD
WAITROSE
Warehouse Partner – Nights
Permanent · LONDON
HEAD OFFICE
Senior Commercial Manager – Point of Sale Credit
Permanent · LONDON
FRASERS GROUP
Marketing Executive - Premium
Permanent · LONDON
FRASERS GROUP
Office Manager
Permanent · LONDON
NAPAPIJIRI
Account Coordinator - German Speaking - Napapijri
Permanent · NOTTINGHAM
NEW LOOK
CRM Executive
Permanent · LONDON
Ads
By
Reuters
Published
May 6, 2014
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Adidas hit by sales drop at golf business

By
Reuters
Published
May 6, 2014

BERLIN, Germany - German sportswear company Adidas reported disappointing first-quarter results on Tuesday due to a big drop in sales at its TaylorMade golf business, but said a stronger second quarter was signalling a return to growth. The world's second-biggest sportswear firm, which has been losing ground to market leader Nike, said net profit fell by a third to 204 million euros ($283 million) as sales contracted by 6 percent to 3.533 billion euros.


Herbert Hainer - | Source: Adidas



Net profit fell short of an average analyst forecast of 217 million euros and sales were at the low end of analyst estimates of 3.5-3.6 billion. Adidas said the falls were largely due to a double-digit sales drop at TaylorMade after it moved to "realign shipment, product and launch cycles to market demand patterns". California-based TaylorMade, a brand Adidas bought in 1997 to help it compete with Nike, is the biggest maker of golf bags, clubs, clothing and shoes in the world, but still only contributes a small portion of Adidas group's total sales.

Chief Executive Herbert Hainer said the issues at TaylorMade and the impact of falling currencies, particularly the Russian rouble, masked strong performances in emerging markets and the company's own retail network, which saw currency-neutral sales jump 22 percent. "While we still have to be wary of currencies and their effects on our financials, I expect a strong second quarter to point the way forward to a sustained period of growth and momentum for our Group," he said in a statement.

The 10th biggest investor in Adidas called on Sunday for a shareholder revolt against management at their annual meeting on Thursday due to the company's failure to catch up with Nike.

Adidas, which makes about half of its sales in developing markets, warned in March that weak currencies would hurt 2014 results and pose a risk to its 2015 targets, even as sales are helped by the soccer World Cup, which starts next month. ($1 = 0.7205 Euros).

© Thomson Reuters 2023 All rights reserved.