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Adidas posts 2008 profit of 642 mn euros

Adidas posts 2008 profit of 642 mn euros
AFP
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First Published: Wed, Mar 04 2009. 02 30 PM IST
Updated: Wed, Mar 04 2009. 02 30 PM IST
Berlin: The German sports equipment and clothing maker Adidas posted on Wednesday a 2008 net profit of €642 million ($800 million), up by 16% from the previous year.
In the fourth quarter of the year, the group’s profit more than doubled to €54 million owing to a lower tax rate, the company said in a statement.
But higher costs for labour and raw materials would result in lower earnings per share this year, the company warned.
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First Published: Wed, Mar 04 2009. 02 30 PM IST