adidas AG amends full year 2013 guidance
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adidas AG /
adidas AG amends full year 2013 guidance
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For immediate release
September 19, 2013
adidas AG amends full year 2013 guidance
Herzogenaurach - Following today's Executive Board meeting, Management is
updating its full year expectations to account for recent negative market
developments. Firstly, the further weakening of several currencies versus the
euro throughout August and September such as the Russian rouble, Japanese yen,
Brazilian real, Argentine peso, Turkish lira and Australian dollar have
intensified the negative currency translation headwinds already highlighted by
Management during the course of the year. This is estimated to lead to a high-
single-digit percentage point negative translation impact in the third quarter.
Secondly, an unexpected short-term distribution constraint as a result of the
transition to the adidas Group's new distribution facility in Chekhov, close to
Moscow, is impacting the quantity of new product flow to stores. While the
problem is expected to be resolved at the beginning of the fourth quarter, this,
together with the weakness of the Russian rouble, means that the Group's 2013
goals for Russia/CIS are no longer attainable. Finally, the continued softness
in the global golf market and TaylorMade-adidas Golf's focus on maintaining
healthy inventory levels in the marketplace will lead to a lower sales and
profit contribution from the segment than originally forecasted.
Taking all of these issues into account, Management now expects a low-single-
digit currency-neutral sales increase (previously: low- to mid-single digit
increase) for the full year, an operating margin of around 8.5% (previously:
approaching 9.0%) and net income attributable to shareholders to increase at a
mid-single-digit rate to a level of ? 820 million to ? 850 million (previously:
? 890 million to ? 920 million). In terms of phasing, a significant portion of
the negative impact will be in the third quarter, with Management continuing to
expect a strong rebound in sales and profitability growth in the fourth quarter.
adidas Group nine months financial results will be released on November 7, 2013.
"Despite the increased headwinds we are facing in the short term, we remain
confident and resolute in pursuit of our Route 2015 strategic aspirations,"
stated Herbert Hainer, adidas Group CEO. "Based on the strong demand for our
highlight concepts and innovations in our key categories, the upcoming
initiatives for the FIFA World Cup 2014(TM) and positive customer feedback to
our spring/summer 2014 collections both at adidas and Reebok, momentum will
clearly return to our business in the fourth quarter and beyond."
About the adidas Group
The adidas Group is a global leader in the sporting goods industry, offering a
broad portfolio of footwear, apparel and hardware for sport and lifestyle around
the core brands adidas, Reebok, TaylorMade, Rockport and Reebok-CCM Hockey.
Headquartered in Herzogenaurach, Germany, the Group employs more than 46,000
people across the globe and generated sales of ? 14.9 billion in 2012.
***
Contacts:
Media Relations Investor Relations
Jan Runau John-Paul O'Meara
Chief Corporate Communication Officer Vice President Investor Relations
Tel.: +49 (0) 9132 84-3830 Tel.: +49 (0) 9132 84-2751
Katja Schreiber Christian Stoehr
Director Corporate Communication Senior Investor Relations
Manager
Tel.: +49 (0) 9132 84-3810 Tel.: +49 (0) 9132 84-4989
Lars Mangels
Corporate Communication Manager
Tel.: +49 (0) 9132 84-2680
Please visit our corporate website: www.adidas-Group.com
Updated FY 2013 Guidance Press Release:
http://hugin.info/139192/R/1730366/578286.pdf
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Source: adidas AG via Thomson Reuters ONE
[HUG#1730366]
Unternehmensinformation / Kurzprofil:
Datum: 19.09.2013 - 19:52 Uhr
Sprache: Deutsch
News-ID 298607
Anzahl Zeichen: 5227
contact information:
Town:
Herzogenaurach
Kategorie:
Business News
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