Share

Adidas takes hit due to weak rouble

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.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.3%
Rand - Pound
23.87
+0.1%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.32
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders