Adidas Group (NASDAQOTH:ADDYY) announced today that it has adjusted its sales growth projections downward for the full year 2012. Instead of a currency-neutral 10% growth rate, the company said it expects growth in the high single digits, due to underperformance at its Reebok and Rockport divisions combined with negative impacts from the recent NHL lockout.
The company is still projecting a good 2012, with net profits growing anywhere from 15%-17%. Due to the robust performance in the first three quarters of the year, the company said it expects to achieve record sales and earnings in 2012 and 2013.
Adidas' largest geographic sales area is Western Europe, where it saw a 4% year-over-year increase in the first nine months of the year on a currency-neutral basis. European emerging markets saw the greatest year-over-year jump, at 17%, with Greater China right behind at 16%.
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