By John McCarthy

The world’s second-biggest sportswear manufacturer Adidas saw its biggest slump in half a decade with profits dropping 11 per cent due to unrest in Eastern Europe, further blighted by a lower demand for Taylormade golf products.

The German-based company issued a profit warning today decreasing projected annual net income to 650m euros (£514.7m) from an earlier estimate of 930m euros (£736.4m) in a move which has seen the group’s shares drop eight per cent.

While overall sales increased by two per cent in the second quarter, there was a decrease in revenue caused by Russian market sensitivity which will see stores close Read full story ›

Source: The Drum