Adidas cuts forecast due to ‘lackluster’ sales in EuropeAugust 8, 2013 - 11:48 AMT PanARMENIAN.Net - Adidas AG cut its forecasts for 2013 because of “lackluster” sales in Europe and unfavorable currency impacts after reporting second-quarter profit that trailed analysts’ estimates, according to Bloomberg. “The group’s goals for the full year will be more challenging that when initially announced,” Herzogenaurach, Germany-based Adidas said in a statement. “Sales are now expected to grow at a low- to mid-single-digit rate on a currency neutral basis.” Second-quarter net income rose 4.2 percent to 172 million euros ($230 million) the Herzogenaurach, Germany-based sporting-goods maker said in a statement. That compares with the 175.8 million-euro average estimate of 13 analysts surveyed by Bloomberg. Sales in the quarter declined 3.8 percent to 3.38 billion euros, compared with the 3.43 billion-euro average estimate. Excluding currency swings, sales were unchanged. “Top line momentum is set to improve in the remaining quarters of 2013, with the fourth quarter expected to be stronger than normal,” the company said. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |