Adidas Group (NASDAQOTH: ADDYY) announced today that it has adjusted its sales growth projections downward for the full year 2012. Instead of a currency-neutral 10% growth rate, the company said it expects growth in the high single digits, due to underperformance at its Reebok and Rockport divisions combined with negative impacts from the recent NHL lockout.
The company is still projecting a good 2012, with net profits growing anywhere from 15%-17%. Due to the robust performance in the first three quarters of the year, the company said it expects to achieve record sales and earnings in 2012 and 2013.
Adidas' largest geographic sales area is Western Europe, where it saw a 4% year-over-year increase in the first nine months of the year on a currency-neutral basis. European emerging markets saw the greatest year-over-year jump, at 17%, with Greater China right behind at 16%.
The article Adidas Sales Guidance Dips Thanks to Reebok, Rockport, and Hockey originally appeared on Fool.com.John Divinehas no positions in the stocks mentioned above. You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine . The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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