FRANKFURT Adidas (ADSGn.DE) 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.
(Reporting by Victoria Bryan)
Trending On Reuters
It remains to be seen whether Nifty will be able to break the 8,100 mark during October. With major events out of the way, the next trigger will be the Q2 FY16 earnings season which is expected to kick off next week. It is advisable for the investors to continue building their equity portfolio by utilising market volatility as an opportunity, writes Ambareesh Baliga. Full Article