Shares in Adidas fell sharply Friday after the
German sportswear maker slashed the 2015 sales outlook for its ailing
US-based Reebok brand.
The company said it was cutting Reebok's sales outlook to 2 billion euros (2.6 billion dollars) from the 3-billion-euro forecast it made about two years ago. Adidas said this came after loss of a key American football contract.
Adidas said, however, it continued strong growth in Asia to help offset Reebok's weak performance, with the company confirming it expects group sales, including its TaylorMade-Adidas Golf business, to rise by about 10 per cent to 17 billion euros by 2015.
Adidas brand sales are now expected to reach 12.8 billion euros in 2015. This represents a 5-per-cent increase compared with the previous target of 12.2 billion euros.
Still, Adidas shares dropped by 1.43 per cent to 64.65 euros in trading on the Frankfurt Stock Exchange on Friday.
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