Adidas reports Q4 and full year 2009 earnings

Adidas reports poor 2009 earnings as FIFA World Cup approaches

The German apparel company, Adidas, today announced full year 2009 and fourth quarter 2009 financial earnings.

Fourth-quarter profits were €19-million, down more than 60-percent compared to the same period last year. The company said write-downs and higher costs for the 2010 FIFA World Cup this June attributed to the lower than expected operating profits.

Analysts were expecting €25-million in total profits in Q4 2009.

The company warned of an expected weakening in 2010, but increased its forecasted diluted EPS that is estimated to be up to €1.90-2.15 in 2010. 2009 diluted EPS was €1.22.

 The company reported a 5-percent decline in total sales to €2.46-billion in Q4 2009, and a 6-percent decline in total sales to €10,381-million in 2009.

2009 net income to shareholders fell by 62-percent from 2008 to €245-million in 2009.

In 2009, Asian Markets and Latin America were the only geographic markets to have a net gain in sales, while all other regions Adidas operates in experienced a loss in net sales over 2008, including North America and Europe.

The Adidas stock opened down in today’s trading day is currently trading at $25 per share, 3.03-percent down, in morning trading.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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