Adidas says Rockport is not a strategic asset for the group

Adidas says Rockport is not a strategic asset for the group

German sportswear giant Adidas is seeking offers for its struggling Rockport shoe brand, its chief executive confirmed this week.

Speaking on a conference call with analysts as the group recorded a 34% slump in first quarter net profit, Herbert Hainer said investment bank Guggenheim Partners has been hired to talk with potential buyers for Rockport.

He said the brand, which joined the Adidas portfolio with the company's acquisition of Reebok in 2006, is not a strategic asset for the group.

Rockport generated revenues of EUR290m (US$405m) last year, up 1.1% on the year before. But net sales tumbled 12.1% to EUR53m in the first quarter, according to results published this week. Sales were down 6.9% after the numbers were adjusted for currency fluctuations.