Adidas cuts forecast after $353m loss

BERLIN — Adidas, the second-largest sporting-goods maker, reported a fourth-quarter loss after revising down growth assumptions for the Reebok brand and forecast 2013 profit below analysts’ estimates.

The net loss was $353 million after charges for asset impairment of $347 million, the Herzogenaurach, Germany, company said Thursday. Net income in 2013 may rise to between $1.16 billion and $1.20 billion, Adidas said, compared with the $1.25 billion average estimate of 26 analysts.


Adidas said the impairment charge was caused mainly by an adjustment of its growth assumptions for Reebok, particularly in North America, Latin America, and Brazil, and a rise in discount rates because of Europe’s debt crisis. The company cut its sales forecast for the year in November on reduced expectations for the Reebok and Rockport brands and a suspension of the National Hockey League season.

Michael Romer, an analyst at Bank Sarasin & Cie AG, wrote that fourth-quarter performance was ‘‘mixed.’’

Reebok has weighed on Adidas’s growth since it was acquired in 2006.

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