Adidas Cuts 2013 Sales Forecast

German sporting goods giant Adidas has cut its 2013 sales forecast following weak European trading and adverse currency movements, medic the effects of which were felt in the second quarter.

Adidas nows expects group sales to rise by a low-mid single digit percentage, having previously expected a mid single-digit rate. The brand is, however, maintaining its profit targets and earnings per share (EPS) guidance for 2013.

Adidas reported sales of €3.38 billion ($4.5 billion) for the second quarter, which was down 4%. Operating profits were 252 million, below expectations of 261 million.

This development will not necessarily have been surprising to investors, after rival sporting goods manufacturer Pumas also reported results affected by poor sales in Europe and the weak Japanese yen.

Adidas shares hit an all-time high of €86.87 this week, but dropped more than 3% at the open and were down 0.8% at 10:34 GMT against a 0.4% gain for the Dax index of leading German shares.