EARNINGS : Adidas Losses Soared in 1989
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MUNICH, West Germany — Adidas AG, the world’s leading sporting goods maker, said its losses surged to $72 million last year from $6 million in 1988.
Adidas, in which French entrepreneur Bernard Tapie unexpectedly acquired a controlling 80% stake last month, said it has been struggling to restructure itself to meet increasing competition and expects better results next year.
“The Adidas group will achieve considerably better results in 1990 than in the previous year,” it said in a statement.
Tapie bought his stake in Adidas, known internationally for its athletic footwear, last month for $300 million.
Adidas’ sales rose to $650 million in 1989 from $595 million the previous year, helped by increased exports and sales of licenses for its products.
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