Friday 19 January 2018

Adidas profits drop 85pc here

SPORTS giant Adidas recorded a massive 85pc drop in profits in its Irish operations, according to new accounts.

The official kit sponsor of the Munster rugby team, Adidas Ireland Ltd's pre-tax profits were listed at just €1.5m from €10.4m.

The company also recorded a 34pc drop in sales from €52.7m in 2008 to €34.6m in 2009.

The sports clothing maker announced its decision to end its 13-year association with the Dublin marathon.

However, it extended its deal with Munster until 2014 along with the sponsorship of Liverpool and Chelsea.

According to the directors' report, a significant factor in the decrease in sales was the global economic downturn.

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