Adidas 2009 profit falls by 62%

Adidas 2009 profit falls by 62%

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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