FRANKFURT, Germany — Sporting goods maker Adidas AG said net profit fell 7 percent in the third quarter as a stronger euro and troubles in Russia held back profits.
Profit fell to 318 million euros ($430 million) from 343 million euros a year ago. Net sales declined 7 percent to 3.88 billion euros. The company said sales would have been stable without the stronger euro, which shrank income in Brazil, Argentina, Turkey, Russia and Australia.
CEO Herbert Hainer said in a statement Thursday that deliveries to stores were hurt by troubles surrounding the transition to a new distribution site in Chekhov, near Moscow. He said the company was "making good progress" in returning shipping to normal levels.
He also cited "continued softness" in the global market for golf equipment.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
