Adidas Sees Profit in 2008, Slowdown in 2009

adidas Mad Clima shoes for 2009 NCAA men's basketball tournament. (Photo: adidas)March 4, 2009: Adidas AG reported a 17% rise in full-year net profit but tempered that by saying the current economic crisis will mean lower sales and earnings in 2009. “We cannot ignore the unprecedented economic crisis all global businesses are facing today," CEO Herbert Hainer said in a statement. "I believe the real winners of this crisis will be the ones who remain consistent with their long-term strategies. We have the resources and the energy to tackle the challenges that come.” Hainer said adidas brand revenue is expected to decline while Reebok sales will remain stable and TaylorMade-adidas Golf brand sales grow. A hiring freeze and reduction in travel and external consultants expenses are in place but Hainer adidas won't "cost-cut its way out of the crisis." Adidas recently broke a global campaign with Candace Parker (in the U.S.) and other international athletes. Adidas divisions Reebok and TaylorMade just severed ties with 500-600 employees. Back to Home Page

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