Adidas sales drop on Reebok brand, lack of sporting events

Germany's Adidas reported a 2 per cent decline in sales for the first quarter on fewer major sporting events, ongoing problems at its Reebok brand and currency effects.

The world's second largest sports apparel firm after Nike said sales in the first three months of 2013 totalled 3.75 billion euros ($4.90 billion), falling slightly short of expectations, while operating profit rose 8 per cent to 442 million.

Analysts had expected sales to fall 1.3 per cent to 3.78 billion euros, with operating profit of 421 million euros, according to a Reuters poll.

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