Adidas results hit by sales drop at golf business
BERLIN May 6 (Reuters) - German sportswear company Adidas reported worse-than-expected first-quarter results on Tuesday due to a big drop in sales at its TaylorMade golf business but said it expected a strong second quarter to signal a return to growth.
The world's second biggest sportswear firm, which has been losing ground to market leader Nike, said net profit fell by a third to 204 million euros ($283.12 million)as sales contracted 6 percent to 3.533 billion euros.
Net profit fell short of average analyst forecasts for 217 million euros while sales nearly matched analyst calls for 3.6 billion.
The 10th biggest investor in Adidas called on Sunday for a shareholder revolt against the company's management at their annual meeting on Thursday due to the company's failure to catch up with Nike.
Adidas, which makes about half of its sales in developing markets, warned in March that weak currencies, notably the Russian rouble, would hurt 2014 results and pose a risk to its 2015 targets even as sales are helped by the soccer World Cup. ($1 = 0.7205 Euros) (Reporting by Emma Thomasson)
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