Lukewarm reception for adidas-Salomon Quarter 1 results
Its profits may well have been up in the first quarter, but sluggish sales and a less than groaning order book in the crucial North American market saw shares in the German sportswear group adidas-Salomon slide six percent on Wednesday.
"The North American market has become really tough," commented adidas Chief Executive Officer Herbert Hainer in a conference call. "Consumption has not really picked up in the first quarter and there is the Iraqi situation has had an impact."
Despite the 19% rise seen in profits, to Eur51 million, analysts were more preoccupied with the 22% percent fall seen in North American orders and an anaemic 2% rise in sales, to Eur1.669 billion. On the plus size, however, sales in
Hainer said that despite the situation, the company was on track for 10 to 15 percent rise in net profits for the full year, on a five percent rise in sales.
