Sportswear giant Adidas has reported a fall in profits for the April to June period of 93% as consumer spending fell during the economic downturn.
Net profit came in at 8m euros ($11.5m; £6.8m), compared with 117m euros for the same period a year earlier. Sales fell 2.5% to 2.46bn euros.
But the company was upbeat about its prospects for the rest of the year.
“I believe we have seen the bottom in our financial performance this year,” said Adidas boss Herbert Hainer.
“We did not see any fundamental deterioration in our business since publishing our first-quarter results… I am confident that our results will improve as we go through the remainder of the year,” he added.
I guess players like Kaka, Beckham, Ribery and such could not do much to help the ease the decline in profits, Adidas also sponsors teams like AC Milan, LA Galaxy, Real Madrid, Bayern Munich and more.
Adidas House Party advert: