LONDON (Brand Republic) – Sportswear and equipment manufacturer, Adidas, has recorded a 22% drop in net profits to $150m for the nine-month period to September 2000.
Analysts are, however, forecasting a positive upturn for the company predicting substantial improvements by mid 2001.
Sales for the three-quarter period since January rose 7% to $3.8bn. The company’s share price rose 3.9% closing at $48.18.
Adidas had warned that it expected a 20% fall in net profits for the financial year. The company is seeing increased competition for market share, particularly in the US, from brands such as Tommy Hilfiger and Ralph Lauren.