Adidas reports sharp profits drop

Adidas, the world's second-largest sportswear and equipment maker, yesterday reported a sharp drop in nine-month profits, but offered investors some positive news by forecasting an improvement in its performance in the US market by the middle of 2001.

Net profit in the January-September period fell 22 per cent to €177 million, while sales rose 7 per cent to €4.4 billion. Adidas had forecast a 20 per cent decline in net profits in 2000.