Adidas Cuts 2014 Gross Margin Forecast
2014-08-07 05:44:54.732 GMT
By Heather Burke
Aug. 7 (Bloomberg) -- Adidas says negative FX, weak golf
mkt hurt results; FX-neutral Adidas, Reebok sales accelerated.
* 2Q rev. up 10% on a FX neutral basis
* Western Europe up 13%
* European EM up 14%
* North America up 1%
* Greater China up 11%
* Other Asian mkts “stable”
* Latin America up 33%
* 2Q gross margin 49.2% vs 50.1%
* Sees 2014 gross margin 48.5% to 49%, had seen 49.5% to 49.8%
* Reebok brand to boost gross margin, more than offset by
lower margins at TaylorMade-adidas Golf, in Retail
segment, less favorable hedging rates, adverse FX in
emerging mkts
* NOTE: Reported 2Q sales EU3.47b, net EU144m on July 31, with
2Q sales up 10% on FX-neutral basis
* NOTE July 31: Adidas Has Record Plunge After Cutting Profit
Goal on Russia
* Call 3pm CET +44 20 3427 1907, pw 8763729
* Statement: NSN N9X8O93V2800 <GO>
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To contact the reporter on this story:
Heather Burke in London at +44-20-7673-2044 or
hburke2@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
2014-08-07 05:44:54.732 GMT
By Heather Burke
Aug. 7 (Bloomberg) -- Adidas says negative FX, weak golf
mkt hurt results; FX-neutral Adidas, Reebok sales accelerated.
* 2Q rev. up 10% on a FX neutral basis
* Western Europe up 13%
* European EM up 14%
* North America up 1%
* Greater China up 11%
* Other Asian mkts “stable”
* Latin America up 33%
* 2Q gross margin 49.2% vs 50.1%
* Sees 2014 gross margin 48.5% to 49%, had seen 49.5% to 49.8%
* Reebok brand to boost gross margin, more than offset by
lower margins at TaylorMade-adidas Golf, in Retail
segment, less favorable hedging rates, adverse FX in
emerging mkts
* NOTE: Reported 2Q sales EU3.47b, net EU144m on July 31, with
2Q sales up 10% on FX-neutral basis
* NOTE July 31: Adidas Has Record Plunge After Cutting Profit
Goal on Russia
* Call 3pm CET +44 20 3427 1907, pw 8763729
* Statement: NSN N9X8O93V2800 <GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Heather Burke in London at +44-20-7673-2044 or
hburke2@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net