FRANKFURT, Nov 7 (Reuters) - German sports apparel company Adidas said it expected business to improve from the fourth quarter as it reported third quarter results hit by problems in Russia, currency effects and poor sales of golfing products.
Adidas, the world’s second largest maker of sports gear behind Nike, reported third quarter operating profit down 6 percent to 463 million euros ($626 million), against the average estimate for 466 million in a Reuters poll.
Sales dropped 7 percent to 3.88 billion euros, compared with the average forecast for 3.92 billion. Adjusted for currency, sales would have been stable.
The company maintained a forecast for sales to rise by a low single digit percentage in 2013 and to achieve an operating margin of around 8.5 percent.