Nike Shows Jump In Quarterly Sales Social Studies: Adidas PR Dir Michael Ehrlich Gametime Adds $20M Round Of VC Financing Adidas Exec Chris Grancio Leaving Brand Adidas Unveils New Univ. Of Miami Uniforms Oregon-Nebraska Highlights Nike-Adidas Battle Drone Racing League Closes On $12M Financing Sources: MSG Laid Off 60-70 Employees Dick's Sporting Goods Hesitant To Move Into N.Y. Wiggins Headlines Launch Of Adidas "Athletics" Line
SBD/July 31, 2014/Finance
Adidas Lowers Projections For FY '14, Postpones FY '15 Targets After Q2 Drop
Published July 31, 2014
IN THE ROUGH: adidas said that it was "abandoning the sales goals outline in its ambitious 'Route 2015' sales initiative" announced in November '10. In Portland, Allan Brettman notes the company had "set a goal" of roughly $23B by the end of '15. Given that there has "been little relief in the currency markets, the significantly lower contribution projected from TaylorMade-adidas Golf as well as higher investments in marketing, the Group's Route 2015 targets are no longer achievable in the timeframe." This will "be discussed in further detail as part of the adidas Group's half year financial results" on August 7. adidas' statement about TaylorMade "underscored the decline of the golf industry" (Portland OREGONIAN, 7/31). adidas said that it "has decided to 'significantly reduce' its store opening plan in [Russia] for this year and next, and to increase the number of store closures" (AP, 7/31).