(Thinking about what’s in my closet …) Maybe not.
German sportswear and equipment maker Adidas AG on Tuesday announced additional restructuring steps as first-quarter net profit plummeted 97%.In the three months ended March 31, net profit dropped to €5 million ($6.7 million) from €169 million a year earlier, as sales declined to €2.58 billion from €2.62 billion.
…One of the world’s largest sportswear makers, Adidas is becoming more pessimistic as consumer spending around the globe is hit by rising unemployment and weakening sentiment.
I bet they are.
Read the full story on WSJ.com.
This article appears in May 5-12, 2009.
