Adidas hits currency hurdles but profits up

Adidas hits currency hurdles but profits up
Photo: DPA
German sports clothing giant Adidas could finally be running out of steam, latest profit figures suggest.

In the second quarter of 2013, the world’s second biggest sport clothing manufacturer logged a fall in turnover of 3.8 percent compared to last year.

The company said that last year’s sales were boosted by football tournament the Euros and the Olympic Games in London, whereas this year there had been no comparable events.

Adidas’ performance does appear more stable when profits are adjusted for currency effects – a net profit of €172 million – up four percent on last year due to falling tax demands.

And company said it remained optimistic, predicting a gross turnover of €14.9 billion this year.

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