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SBD/December 21, 2012/Finance
Nike Q2 Profit Shrinks 18% From Losses Of Cole Haan, Umbro Sales
Published December 21, 2012
TIP OF THE HAT: The FINANCIAL TIMES’ Tony Barber writes adidas shareholders “should thank the super-confident” Chair & CEO Herbert Hainer for “guiding the company skillfully through a year that threw up more than its fair share of unusual challenges.” adidas is set to finish ‘12 with a stock price “up more than 40 per cent from its level 12 months ago.” Moreover, a recent “clear-out of top executives at Puma contrasts starkly with the long-term boardroom stability” at adidas. The company’s “success did not come easy,” as Hainer began the year “knowing that Nike would take over” as the official uniform supplier for the NFL, previously held by adidas subsidiary Reebok. Matters at Reebok “went from disappointing to ugly when a forensic audit uncovered extensive fraud at Reebok’s Indian unit.” In addition, the NHL lockout is “eating into the [US$162M] in annual revenues that Adidas gets from Reebok’s NHL-related sales.” adidas has therefore “slashed its 2015 sales target for Reebok by a startling one-third” to US$3.2B (FINANCIAL TIMES, 12/21).