Adidas cut targets due to Russia, golf weakness
BERLIN, July 31 (Reuters) - German sportswear company Adidas said it would scale back plans to expand in Russia and overhaul its golf business as problems in both areas forced it to cut its outlook for 2014 and say targets it had set for 2015 were no longer achievable.
Adidas, which had been due to report results only next Thursday, said in a statement that second-quarter sales rose 2 percent to 3.465 billion euros ($4.64 billion), while attributable net income was 144 million.
Adidas said it now expected a mid to high single-digit currency neutral sales increase for 2014, down from a previous target for a high single-digit increase. It also forecast net income of around 650 million euros, down from 830-930 million.
($1 = 0.7469 Euros) (Reporting by Emma Thomasson; Editing by Maria Sheahan)
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