Adidas has warned its sales growth will stall next year, due to competition from Nike, ongoing issues in Russia and its struggling golf business.
The German company’s third quarter results were better than expected, with sales up 6% to €4.1bn (£3.2bn) between July and September – or 9% when adjusted for currency effects. Analysts had expected a 4% rise.
Operating profits fell 13% to €405m (£316.8m), and its profit margin fell to 9.8% from 11.9% during the same period last year. Net income was down 11% to €282m (£220.6m).
The sportswear group said it expects sales to rise at a mid-single-digit rate in 2015, rather than the mid-to-high single digit growth initially forecast.
Chief executive Herbert Hainer said the business was intensifying efforts to revive its growth in the US and restructuring the golf division. He will present a new strategic plan in March.
Adidas announced in August that it would cut back on its growth plans across Russia and close some existing stores, blaming the increased uncertainty in the country for falling income.