German sportswear company Adidas 2009 net income falls 62 percent to $333 million

Adidas 2009 net income falls 62 pct to $333M

FRANKFURT — German sportswear company Adidas AG says its net income fell 62 percent to euro245 million ($333 million) as it experienced higher costs and a drop in demand during the downturn.

Adidas said Tuesday that 2009 sales dipped by 6 percent to euro10.38 billion, down from euro10.79 billion.

The Herzogenaurach-based company says rising purchasing costs and currency effects are the main reasons for the decline in net income.

“With no doubt, 2009 was the most difficult year during my time as chief executive,” Herbert Hainer said.

Hainer said Adidas was starting the new year with growing optimism and aiming for a sales increase, partly pushed by this year’s football World Cup in South Africa.