|
Adidas U.S. sales hit
|
 |
May 3, 2001: 5:18 a.m. ET
Germany's adidas-Salomon posts lower first-quarter profits as U.S. sales fall
|
LONDON (CNN) - Adidas-Salomon, the world's No. 2 sports goods maker, said on Thursday first-quarter profits fell 12 percent as sales lagged in the U.S.
The German rival of Nike (NKE: Research, Estimates) said first-quarter net profits fell to  46 million ($41 million) from 53 million, even as sales rose 3 percent to 1.6 billion compared with the same period last year.
The sponsor of athletes such as tennis players Anna Kournikova and Martina Hingis and football players David Beckham and Zinedine Zidane said new orders for its adidas brand fell in its key North American market, but rose 1 percent overall.
In Europe, sales grew 5 percent to 852 million, at the top end of the company's expectations, Adidas said. Net sales in North America fell, however, by 6 percent to 445 million and the company said it also felt the effects of the strong dollar.
Adidas (FADS) said its other units, TaylorMade-adidas Golf and Salomon ski equipment, delivered above average sales growth of 23 percent and 7 percent respectively.
"We expect further improvements throughout the year, especially in the second half, when initial results of our new strategies will become visible," said Chief Executive Herbert Hainer.
Shares in Adidas fell 0.7 percent to 67.5 in early Frankfurt trade. 
|
|
|
|
|
 |
|
