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Adidas shares slump after higher World Cup marketing spending miss profit view

Adidas shares fell 17% on Thursday, the worst performer on Europe’s Stoxx 600, after the company missed analysts’ profit expectations.

Reported · Written up by our desk · Equity Funds

Adidas shares dropped sharply on Thursday after the German sportswear group increased marketing spending around the World Cup and missed analysts’ profit expectations, MarketWatch reports.

The stock fell 17% in Frankfurt trading, making it the worst performer on Europe’s Stoxx 600 index, according to MarketWatch.

MarketWatch also noted that Adidas has been down about 10% since the start of the year.

The company’s marketing spend was reported to have risen by 30% tied to the World Cup, MarketWatch said.

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