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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nike Inc | NYSE:NKE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.25 | -0.27% | 92.16 | 93.65 | 91.87 | 93.08 | 2,270,198 | 17:02:21 |
By Ellen Emmerentze Jervell
FRANKFURT-- Adidas AG on Thursday reported a significantly wider fourth-quarter loss, hurt by goodwill impairment losses, negative currency effects and losses from its discontinued Rockport unit.
The German sportswear group said its net loss for the three months to the end of December came in at EUR140 million, compared with a loss of EUR10 million for same period the year before.
Adidas blamed the loss on higher input costs, negative currency effects, and goodwill impairment losses of EUR78 million. When excluding the extraordinary costs related to goodwill impairment, but including losses related to the sale of Rockport, Adidas reported a loss of EUR62 million, compared with a profit of GBP42 million a year earlier. The company's fourth-quarter sales rose 6.5% to GBP3.6 billion.
"2014 was a year with ups and downs for the adidas Group. But we tackled the challenges resolutely and achieved our adjusted top- and bottom-line targets," Chief Executive Herbert Hainer said in a statement.
The world's No. 2 sports-gear maker, behind Nike Inc., has been trying to turn around its once-booming business after suffering major losses last year. In late July, it admitted it wouldn't be able to meet its financial goals for 2015 and cut its net profit target for 2014 from a range of EUR830 million to EUR930 million to EUR650 million.
Both Reebok and Adidas brands experienced sales growth, up 1% and 11%, respectively, on a currency neutral basis. Sales at its TaylorMade-adidas Golf division, which has been struggling lately, fell 24%.
For the full year, the company reported net profit of EUR490 million, down from EUR787 million last year, on a rise in sales to EUR14.5 billion. Without goodwill impairment costs, its profit for 2014 was EUR568 million, down from EUR839 million in 2013. Adidas in January said it had met its much-reduced profit target, a number that is adjusted for the book loss of EUR82 million related to the Rockport divestiture. Adidas reported also reported in January that its group sales had increased 6% in 2014.
Adidas said it expects to increase currency-neutral sales at a mid-single-digit rate in 2015 and net profit from continuing operations to increase at a rate of 7% to 10%. The company will launch its new five-year strategy by the end of this month.
Write to Ellen Emmerentze Jervell at ellen.jervell@wsj.com
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