Adidas results hit by Reebok writedown
BERLIN, March 7
BERLIN, March 7 (Reuters) - Adidas, the world's second largest sports apparel firm, reported an unexpected loss in the fourth quarter, with results hit by writedowns linked to the weak performance of Reebok.
The group, which competes with Nike and Puma in the highly competitive market for soccer gear and running shoes, said Thursday it made a fourth quarter operating loss of 239 million euros, compared with analyst expectations for profit of 28.6 million.
It took a goodwill impairment of 265 million euros at the pre-tax level to reflect lower growth assumptions for Reebok. Lsat year Adidas cut its 2015 sales target for Reebok by a third.