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Adidas to close some European offices in cost-cutting maneuver | Business | Deutsche Welle | 05.05.2009
Adidas plans to shut down regional offices in Europe and Asia, and could close retail stores as part of a massive bid to cut costs. It reported an 80 percent plunge in first-quarter operating profit. 

The sporting goods giant said it aims to save more than 100 million euros ($132.4 million) a year, after reporting a drop in operating profits to 58 million euros - well below analyst predictions.

Adidas' German home market is facing its most severe recession since World War II, with the government forecasting a 6 percent contraction. Retail sales there fell 1.5 percent in March.

Taken in net terms, profit dropped 97 percent for the first quarter. A company statement also said sales had fallen by just two percent, 2.58 billion euros in the first three months of the year.

by Fran on Tue May 5th, 2009 at 01:58:08 PM EST
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