Adidas AG said it will meet its annual forecasts and its need to refinance debt is “limited.” Speaking at a conference held by Cheuvreux in Frankfurt, Adidas officials said it will post a “high-single-digit” sales increase in 2008, operating margin will approach 10% and net income will rise at least 15%, according to Bloomberg News. The forecast matches guidance given with its Nov. 6 third-quarter earnings report.
Adidas also said it had a “limited” requirement to refinance debt since only a small part will expire in 2009. Total debt as of Sept. 30 was 2.59 billion euros ($3.35 billion). The company said it will focus on reducing net borrowings this year, Schreiber said.