FRANKFURT, Germany (AP) — Sports gear maker Adidas AG says it lost €273 million ($356 million) as it wrote down the value of its weakening Reebok brand.
The company, based in Herzogenaurach, Germany, said it took a goodwill impairment of €265 million at the end of last year. It said the loss was "mainly caused because of adjusted growth assumptions for the Reebok brand, especially in North America, Latin America and Brazil."
The net loss compared to a profit of €1 million for the same quarter in the previous year. Sales rose 4 percent to €3.37 billion.
The company said sales revenue in Western Europe fell 4 percent adjusted for exchange rate swings, as the year-earlier figure was boosted by sales ahead of the Euro 2012 soccer tournament and the 2012 London Olympics.