adidas AG — Earnings Release 1998

Jul 24, 1998

News Details

Ad-hoc | 24 July 1998 07:50

Ad hoc-Service: adidas-Salomon AG

—————————————————————— Ad hoc-Service: adidas-Salomon AG Ad hoc-announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. —————————————————————————— adidas-Salomon AG: Net sales in first half of 1998 increased significantly, income before taxes improved only moderately, net income before special effect slightly above last year’s level According to still preliminary figures adidas-Salomon AG has increased net sales by more than 55 per cent in the first half of 1998 (compared to 1997 figures on an adidas stand- alone basis). Income before taxes has, however, only increased by approximately 8 per cent. While the adidas subgroup has grown income before taxes practically in line with its net sales, the Salomon subgroup has produced disappointing results. In particular, Taylor Made has suffered more than expected from weaknesses in the Japanese and US golf markets. At the same time a higher tax rate has led to an even smaller increase in net income of around 3 per cent. Full results for the second quarter and half year 1998 will be released on 4th August. End of Message