One year ago, Adidas AG reported solid earnings as its soccer equipment sales were boosted by the Euro 2008 soccer tournament. This year however, the sporting goods maker wasn’t as fortunate, as its profits plummeted 97% to EUR 5M for the first three months of 2009. Sales for the period were down 2% to EUR 2.58B, as global demand for sneakers tumbled, particularly in North America. Adidas however hopes that it can rebound later this year, and it announced plans to restructure its business in an effort to save EUR 100M.
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