Stock markets enjoyed a tentative recovery after better-than-expected Chinese export data. But shares in Germany's Adidas suffer after its second-quarter results disappointed. Read more:
) said supply shortages for North America will be fixed by the end of the year and the European market should return to growth after the German sportswear company reported weaker-than-expected second-quarter sales and profits.
“There is no winner in a currency war, eventually everybody will lose as it will lead to a slowdown in the world economy,” Rorsted told journalists, noting that a fall in currencies of its two top markets would be tough as the firm reports in euros. Second-quarter sales rose a currency-adjusted 4% to 5.51 billion euros , shy of average analyst forecasts for 5.54 billion as the company saw a strong decline in the soccer category a year on from the World Cup.
The shortages should be over by the end of the year, and have no impact in 2020, Rorsted said, noting that Adidas has built up capacity and accelerated the transfer of goods by air freight, but managed to make up for the higher costs elsewhere. The company is celebrating its 70th anniversary on Friday and opening a new building at a glitzy ceremony in its small German hometown of Herzogenaurach. Athletes and celebrities including Pharrell Williams and rappers Run DMC are due to attend.
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