Adidas: Turnover up 2% to €3.465bn for second quarter 2014 (net profit down %16)

Adidas' turnover was up 2% to €3.465bn in the second quarter of 2014, the company announced on 31/07/2014. The group's operating profit decreased by 12.7% to €220m and its net income attributable to shareholders also decreased by 16.3% to €144m. The German group had announced a turnover of €3.533bn for the first quarter of 2014, a 6% decrease.

The German sports supplier is hoping that its turnover will grow by 5% to 10% for 2014, before currency effects, whilst its previous target was 10%. The sports supplier forecast a net profit of approximately €650m, rather than €830m to €930m. The group explained these results by difficulties in its golf sector as well as by the Ukrainian crisis.

"Management has decided to significantly reduce its store opening plan in the [Russian] market for 2014 and 2015, " said Adidas, noting that the decrease in value of the Russian ruble creates short-term uncertainties. The German group has 1,000 stores in Russia and had a turnover of more than €1bn in the country in 2013.

"Management has decided to step up marketing and point-of-sale investments over…