Sportswear and equipment maker Adidas AG (ADS.XE) has almost completed its restructuring, Chief Executive Herbert Hainer said Wednesday.
He added that the company has reached its restructuring goals for the first half of the year , Wall Street Journal reports.
Meanwhile, the Herzogenaurach, Germany-based company said net profit in the April-June period dropped to euro9 million ($13 million) from euro116 million in the second quarter of 2008, as sales dipped 3 percent to euro2.46 billion from euro2.52 billion.
As well as the sales decline, the world's second largest sportswear company behind Nike Inc. (NYSE:NKE) blamed currency devaluations -- the Russian ruble in particular -- and the "highly promotional retail environment" for a steep fall in profits. Operating profit for the quarter slid 66 percent to euro72 million from euro208 million a year earlier , New York Times reports.
Adidas repeated its forecast that revenue in 2009 will fall at a “low-to-mid single-digit” pace, excluding currency moves. Discounting and weak currencies in eastern Europe have eroded the company’s performance versus last year, when sales reached a record in the second quarter because of soccer’s European Championship and the Beijing Olympics , Bloomberg reports.
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