Problems at Indian arm stop Adidas’ profit run
Nike tiempo legend v adidas said it has corrected its consolidated fiscal reports as on December 31, 2012, Where the comparative figures for the year 2011 are restated and the opening balancesheet for 2011 is reported to the extent that earlier periods are affected.
Adidas made a fourth quarter employed loss of million, In comparison to analyst expectations for profit of million.
Results of these restatements led to a reduction of net income due to shareholders of million for 2011. As an affiliate, Investors equity of the opening balance sheet for 2011 is negatively impacted by million, The particular said in a statement.
Adidas has posted six per cent boost in overall sales to billion, While its net cash setting stood at million.
Yr after, Reebok India had filed an FIR claiming Rs 870 crore fraud by its former MD Subhinder Singh Prem and COO Vishnu Bhagat, Which both with them denied. After that, The particular business undertook a restructuring programme where in it moved from a minimum guarantee to a cash and carry model. It shut over 400 stores and gave voluntary retirement living nike hypervenom soccer boots schemes to 200 employees.
Tushar Goculdas, Brand manager, Adidas of asia, Says that this is a year of uniqueness for the brand. In the beginning the company is focussing on various sports each month to achieve high double digit growth.
With March being aimed at running, The brand has got Energy Boost running shoes. Costing Rs 10,000, The shoes are being geared towards next Gen runners and youth. Goculdas claims that it has brought good response.
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