Herbert Hainer, the chief executive of Adidas, has warned he expects currency neutral group sales to decline this year.
Hainer said that sales would decline at a low- to mid-single digit rate in 2009 and warned that margins would come under pressure. Margin hit a record 48.7% last year.
Hainer said that consumers would spend less this year and that he felt that it was “not transparent” to follow other companies in giving no guidance on performance for the year.
Hainer said: “The direction the overall economy is taking is clear.”
He added that consumers would spend less this year and “that will have a bearing on virtually all consumer goods companies and retailers.”