FRANKFURT AM MAIN - German sportswear maker Adidas warned Thursday that "everybody will lose" if a currency war ignites between China, the United States, and other countries, while reporting continued
FRANKFURT AM MAIN - German sportswear maker Adidas warned Thursday that "everybody will lose" if a currency war ignites between China, the United States, and other countries, while reporting continued strong earnings in its second quarter.
Since the tariffs announcement, Beijing has allowed the yuan to sink below a seven-to-the-dollar lower bound its central bank had previously defended, prompting the US Treasury Department to cry currency manipulation. Net profit at the Bavarian group added 34 percent over April-June 2018, reaching 531 million euros to beat analysts' forecasts.
Long-struggling American subsidiary Reebok returned to growth in sales in the second quarter, adding three percent thanks to its "classics" line.Adidas' online direct sales business grew 37 percent, while in its different regions only China saw double-digit growth.
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