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Adidas mulls options for struggling golf business
[BERLIN] German sportswear company Adidas said it had engaged an investment bank to consider options for its golf business which is struggling as the sport loses popularity, particularly in its biggest market, the United States.
Adidas said in a statement it was particularly looking at its Adams and Ashworth brands and said it also launched another round of restructuring at its TaylorMade golf brand, where sales fell a currency-adjusted 26 per cent in the second quarter.
Adidas made the comments as it reported group sales rose 15 per cent to 3.91 billion euros (S$5.9 billion) or 5 per cent excluding the impact of currencies, beating an average analyst forecast for 3.8 billion.
Net profit rose 1 per cent to 146 million euros, compared to consensus for 147 million.