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Adidas sees Reebok sales in India halving
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Tobias Hosemann arranges sports shoes in his store in the northern German town of Hamburg August 3, 2005.
Credit: Reuters/Christian Charisius/Files
FRANKFURT |
FRANKFURT (Reuters) - 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)
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