German sportswear maker Adidas missed profit expectations on Thursday after it reported results weighed by the costs of World Cup marketing.
German sportswear maker Adidas missed profit expectations on Thursday after it reported results weighed by the costs of World Cup marketing, putting its shares on track for their largest ever one-day decline.
Core profit came in at 574 million euros ($657 million) for the three months to the end of June, Adidas said, higher than last year but about 8% below expectations when compared to a poll of analysts by financial platform FactSet.
The company's shares were down almost 18% as of 1030 GMT.
Adidas spent over 200 million euros more on marketing than this time last year as it developed a World Cup campaign that brought in footballing stars like Lionel Messi, Lamine Yamal and Jude Bellingham -- bringing total marketing outlays to almost one billion euros for the quarter.
