Adidas 2009 profit falls by 62%

Adidas 2009 profit falls by 62%
AFP
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First Published: Wed, Mar 03 2010. 12 30 AM IST
Updated: Wed, Mar 03 2010. 11 39 AM IST
Frankfurt: German sportswear and equipment maker Adidas said Wednesday that its 2009 net profit plunged by 62% to €245 million ($334 million).
In the fourth quarter of the year, net profit fell by 64% to €19 million, the company added, well below an average analyst forecast of 25 million compiled by Dow Jones Newswires.
Adidas said sales this year were expected to gain between 1-6%, with the results and forecast demonstrating once again the tough conditions faced by retailers.
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First Published: Wed, Mar 03 2010. 12 30 AM IST
More Topics: Company results | Adidas | Shoes | Profit | Loss |