Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Russia, golf business land Adidas profits in the rough/AFP

World

Russia, golf business land Adidas profits in the rough

Russia, golf business land Adidas profits in the rough/AFP

Russia, golf business land Adidas profits in the rough/AFP

BERLIN, Mar 5- Adidas, the German maker of sportswear and equipment, said Thursday that economic turbulence in Russia and difficulties in its golfing sector were partly behind a fall in net profit last year.

The group, which was also buffeted by negative currency effects and one off charges over the sale of its Rockport sport shoe brand, said however it saw a brighter outlook for 2015.

For this year, it forecasts net profit increasing by seven to 10 percent and has maintained its sales growth targets.

Net profit slumped more than 37 percent in 2014 compared to the previous year, to 490 million euros ($541 million), well below the 642 million euros pencilled in by financial services agency FactSet.

Sales grew by 2.3 percent to 14.5 billion euros, said the group which has been hit by the falling ruble in its key market of Russia.

“2014 was a year with ups and downs for the Adidas group,” chief executive Herbert Hainer said in a statement.

“But we tackled the challenges resolutely and achieved our adjusted top and bottom line targets,” he said.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...