SHARE
COPY LINK

BUSINESS

Adidas hits currency hurdles but profits up

German sports clothing giant Adidas could finally be running out of steam, latest profit figures suggest.

Adidas hits currency hurdles but profits up
Photo: DPA

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.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

UKRAINE

German football club ends partnership with Russia’s Gazprom

German football club Schalke 04 announced Monday it had prematurely ended its partnership with Russian gas giant Gazprom following Russia's invasion of Ukraine.

German football club ends partnership with Russia's Gazprom

The deal between the second-tier German club and Gazprom had been due to run until 2025 with Schalke receiving around €9 million ($10 million) per year in sponsorship.

Had the Gelsenkirchen-based club won promotion back to the Bundesliga at the end of this season, the sponsorship figure would have risen to €15 million annually.

Schalke had already removed the Gazprom logo from their shirts for Saturday’s 1-1 draw at Karlsruhe.

In a statement, Schalke said their finances were “unaffected by this decision”.

“The club’s management is confident that it will be able to present a new partner in the near future.”

READ ALSO: OPINION: Germany has scuppered Nord Stream 2 but there are questions left to answer

Gazprom representative Matthias Warnig resigned from the club’s supervisory board last Thursday.

Hans-Joachim Watzke, interim president of the German Football Association (DFB), had already hinted there could be financial aid for Schalke if they split from Gazprom.

“If this requires the solidarity of other clubs in Germany to get them out of this situation, then we have to discuss how we can manage that,” Watzke told ZDF.

READ ALSO: Germany set to shut airspace to Russian planes on Sunday

SHOW COMMENTS