Home From the Wires Adidas reveals profit warning

Adidas reveals profit warning

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Thursday, July 31, 2014

WSJ: Adidas said its Q2 net profit fell 16% from last year to $193 million.

The company blamed the earnings hit on currency woes, weakening golf-equipment sales, lower consumer spending in Russia and, in a painful twist, the cost of its World Cup marketing. The worsening situation in Russia, which from Friday faces increasing Western sanctions, was prompting Adidas to rethink its strategy there, the company said.

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