Adidas confident after meeting targets in 2013

5th March 2014, Comments 0 comments

Adidas, the German maker of sportswear and equipment, said Wednesday it expects 2014 to be a successful year after it met all of its targets for 2013.

"From an operational perspective, there is no doubt that 2014 will be a successful year for us," said chief executive Herbert Hainer.

But he cautioned: "Currency headwinds had a significant negative impact on our results in euro terms, and this is also expected to continue in 2014."

Nevertheless, "driven by our dominant role at the 2014 FIFA World Cup, we will generate high-single-digit currency-neutral growth," Hainer predicted.

In 2013, Adidas succeeded in meeting all of its targets.

"We finished 2013 with an exceptionally strong fourth quarter. Currency-neutral sales grew 12 percent, which was above our expectations," said CEO Hainer.

"This ensured that we met our revised full year targets from September, despite a further worsening of currency exchange rates."

Adidas said its bottom-line profit for the whole year jumped by 49 percent to 787 million euros ($1.08 billion).

Sales, on the other hand, slipped by 2.6 percent to 14.492 billion euros, largely due to currency effects such as the strong euro.

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© 2014 AFP

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