Adidas sees Reebok sales in India halving
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)
- Tweet this
- Share this
- Digg this
Trending On Reuters
India should increase public spending to boost economic growth in the medium term as there have been no signs of private investment picking up, chief government economic adviser Arvind Subramanian said on Friday. Full Article