Further evidence – if it were needed – that leaner times lie ahead was last week provided by the US investment house Goldman Sachs.

Blaming a drop in stocks in the previous five days, Goldman Sachs’s analysts cut ratings and Earnings Per Share (EPS) estimates across a number of leather and footwear-related stocks. These included adidas-Salomon AG whose 2001 estimate was reduced to EUR 4.35 per share from EUR 4.60 and Coach Inc., whose 2002 outlook was reduced from $1.75 per share to $1.60. The EPS estimates of Reebok International Ltd. , K-Swiss Inc. and Payless ShoeSource Inc. were also downwardly revised to reflect the gloomier economic outlook.

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