Adidas sees Reebok India sales halving after biz rejig

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.

FP Archives|Dec 20, 2014, 13:35:15 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.

[caption id="attachment_519441" align="alignleft" width="380"] Reuters[/caption]

Chief Financial Officer Robin Stalker said Adidas had taken one-off charges of around 60 million euros related 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.

US jobless claims fall to 187,000, signalling resilient labour market ahead of Fed meeting

US jobless claims fall to 187,000 as strong labour market reinforces Fed's inflation focus

1 min read

NDTA asks Connaught Place shops, offices and restaurants to close by 6:30 pm today

NDTA says move follows advisory from NDMC Chairman and Vice Chairman amid prevailing security situation in Connaught Place

1 min read

EU slaps Google with $1 billion antitrust fine over Play Store and Search practices

European Commission says Google unfairly favoured its own services on Search and the Play Store, violating the Digital Markets Act; the company calls the decision harmful to businesses and consumers.

1 min read

Brent crude flirts with $100, reigniting inflation and forex concerns for India

Experts say a prolonged rally above $100 per barrel is unlikely, but sustained high oil prices could push up inflation, widen the current account deficit and pressure the rupee.

2 min read

Can a record May offset a shrunk international schedule and help IndiGo turn a profit?

Record domestic market share boosts operating performance, but forex losses, rising oil prices and geopolitical disruptions could weigh on IndiGo's bottom line.

3 min read

Up Next

Adidas sees Reebok India sales halving after biz rejig

Tags

US jobless claims fall to 187,000, signalling resilient labour market ahead of Fed meeting

NDTA asks Connaught Place shops, offices and restaurants to close by 6:30 pm today

EU slaps Google with $1 billion antitrust fine over Play Store and Search practices

Brent crude flirts with $100, reigniting inflation and forex concerns for India

Can a record May offset a shrunk international schedule and help IndiGo turn a profit?