Sources: Sports Authority Preps For Bankruptcy Sports Authority Cuts Around 100 Jobs Connected Fitness Helps Under Armour Stock Under Armour Sees 20% Profit Jump In Q4 E-Sports Startup FaceIt Raises $15M Adidas Considers Ending Its IAAF Sponsorship Ironman Acquires Lagardère S&E's Endurance Unit Infront Acquires Controlling Interest In Omnigon Social Studies: Adidas' Jeremy Darlow Adidas Names Kasper Rorsted Its New CEO
adidas Posts Gain In Profit For FY ’04 Despite 30% Q4 Drop
Published January 27, 2005
adidas’ Q4 profit “fell 30[%], the first decline in more than a year,” as the company “stepped up U.S. and Asian investments to increase growth,” according to Gregory Ruben of BLOOMBERG NEWS. Q4 net income dropped 19% to $25M, compared to $35.2M in the year-ago window. Revenue for the quarter climbed 5.9% to $1.87B. Full-year profit grew 21% to $409.6M, while revenue increased 3% to $8.45B (BLOOMBERG NEWS, 1/27). REUTERS’ Ulf Laessing noted adidas had forecast a 20% jump in net profit on a currency-neutral sales growth of 5% in ’04. Shares of adidas have gained 23% in the past 12 months, “making it one of the top” performers on Germany’s DAX index (REUTERS, 1/27). At presstime, shares of adidas were trading at US$149.84, down 2.2% from yesterday’s close of US$151.02 (THE DAILY).