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Adidas takes hit due to weak rouble

Jan 23 2015 15:00

Berlin - Adidas, the German sports shoe and casual clothing brand, said Friday the decline in the rouble had hit its earnings in Russia, a key market with more than 1 100 Adidas stores.

In an unscheduled announcement of provisional estimates for the 2014 financial year, Adidas said sales grew by 2% to €14.8bn and that its earnings target of €650m had been achieved.

That was less than originally hoped for Adidas, which reduced the target mid-year. The company said Friday its accounts in euro terms would mark down Russia receipts by €80m because of the plunge in the rouble exchange rate.

The company must also pay to restructure its US-based golf club unit, TaylorMade.

Adidas said it was selling Rockport, a US manufacturer of leather shoes, to competitor New Balance and private equity group Berkshire Partners. The sale for $280m was at a loss to Rockport's book value.

adidas  |  russia  |  retail
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