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Adidas lowers 2012 sales outlook on Reebok woes

"Revenues can even be less than half as we want to take only customers where we can build a healthy sustainable biz"

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expects its sales and customer base in India will halve there once it has completed restructuring the business after a fraud was uncovered there earlier this year.

"Revenues can even be less than half as we want to take only customers where we can build a healthy sustainable business," Chief Executive Herbert Hainer told journalists during a conference call on Thursday.

Chief Financial Officer Robin Stalker said Adidas had taken one-off charges of around 60 million eurosrelated to the restructuring by the end of September with a further 10-15 million to follow in the fourth quarter.

They were speaking after Adidas slightly lowered its 2012 sales outlook earlier on Thursday on lower-than-expected sales at Reebok.

 

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ArcelorMittal, France target steelworks compromise

The French government and steelmaker ArcelorMittal are aiming to clinch a deal to save jobs and avoid a temporary nationalisation of the company's ...

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