Adidas AG (ADS.XE) expects to have shut about 200 shops in Russia by the end of this year, the sportswear maker said Thursday, revising an earlier estimate upward due to difficult market conditions in the country.
It had previously targeted about 160 closures.
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Sales in Russia fell about 11% in the third quarter to 173 million euros ($200 million), or 17% on a currency-neutral basis, Adidas said. The decline reflects poor Russian consumer sentiment and the closures that took place during the period.
Elsewhere, business has been progressing well in the current quarter, Chief Executive Kasper Rorsted said on a conference call.
Earlier in the day Adidas reported that third-quarter sales rose 8.7% to EUR5.68 billion.
Write to Markus Klausen at email@example.com
Corrections & Amplifications
This story was corrected at 10:25 a.m. ET because it misspelled the CEO's first name in the fourth paragraph. His name is Kasper, not Kaspar.
Adidas Chief Executive Kasper Rorsted said on a conference call that elsewhere, business has been progressing well in the current quarter. "Adidas to Close About 200 Stores in Russia by End of 2017," at 1325 GMT, misspelled the CEO's first name in the fourth paragraph. It is Kasper, not Kaspar.
(END) Dow Jones Newswires
November 09, 2017 10:23 ET (15:23 GMT)