Adidas posts solid third quarter results but drops 2009 forecast
Adidas, the world's second biggest sports equipment maker, dropped on Thursday its 2009 outlook owing to a slump in demand, though it posted higher results for the third quarter of this year.
Between July and September, the Bavarian group said net profit edged up by 2.0 percent to 302 million euros (389 million dollars).
Adidas confirmed its forecast that annual net profit would grow by 15 percent.
But "as a result of the uncertain global macroeconomic environment and the potential impact on the group's financial results ... the Adidas group has decided to retract its financial guidance for 2009," a statement said.
Chief executive Herbert Hainer was quoted as saying that "the current state of the world economy means we have challenges in front of us that require all our energy and focus."
The company had previously aimed for sales growth of eight-nine percent or an increase in net profit of at least 10 percent.
Now, Adidas simply "plans to grow sales and net income again in 2009," without providing a specific figure.
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