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Adidas net income drops 64% in final quarter

Adidas fourth quarter net income fell 64% to € 7million (£5.9 million), compared to € 19 million (£16.1 million) for the same period last year, impacted by higher sales and marketing expenses, according to the company.

However, sales at Adidas AG, the second largest sportswear maker after Nike, rose 19% to € 2.9 billion (£2.4 billion) in the three months to December 31.

Adidas AG chief executive Herbert Hainer said the boost in sales was down to the improving worldwide economy. He said: “Our fourth quarter performance rounds off an excellent year for the Adidas group…I am proud to report that our group is in fantastic shape.”

Full-year net income in 2010 more than doubled for Adidas to € 567 million euros (£480 million), compared to €245 million euros (£207 million) in 2009.

Adidas said its sales in 2011 are expected to increase in the mid-to-high-single-digits.

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