Adidas expects World Cup boost but warns on Russia

AP News
Posted: Mar 05, 2014 6:21 AM

BERLIN (AP) — German sportswear maker Adidas expects the soccer World Cup will boost sales this year, but warned that volatility in the currencies of markets like Russia and Argentina will dampen results.

Adidas predicts sales to rise by a "high single digit" in 2014 when not counting the currency effects, after growing 3 percent in 2013.

When including the currency shifts, however, it warned sales would be significantly lower, after a 3 percent drop last year.

Adidas shares were down 1.4 percent in morning trading.

The company said Wednesday it made net income of 787 million euros ($1.08 billion) in 2013, a 6 percent rise. In the fourth quarter, it made a profit of 42 million euros when excluding one-time costs, compared with a loss of 7 million euros a year earlier.