Adidas lowers 2012 sales outlook on Reebok woes

"Revenues can even be less than half as we want to take only customers where we can build a healthy sustainable biz"

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Reuters Frankfurt
Last Updated : Jan 21 2013 | 5:46 PM IST

Adidas expects its sales and customer base in India will halve there once it has completed restructuring the business after a fraud was uncovered there earlier this year.

"Revenues can even be less than half as we want to take only customers where we can build a healthy sustainable business," Chief Executive Herbert Hainer told journalists during a conference call on Thursday.

Chief Financial Officer Robin Stalker said Adidas had taken one-off charges of around 60 million eurosrelated to the restructuring by the end of September with a further 10-15 million to follow in the fourth quarter.

They were speaking after Adidas slightly lowered its 2012 sales outlook earlier on Thursday on lower-than-expected sales at Reebok.

 

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First Published: Nov 08 2012 | 3:37 PM IST

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