{"text":[[{"start":7.34,"text":"Adidas shares tumbled on Thursday after the sportswear giant missed quarterly profit expectations following higher marketing spending around the football World Cup."}],[{"start":16.34,"text":"Net profit from continuing operations rose 6 per cent year on year to €398mn in the second quarter, below analysts’ expectations of €430mn. Adidas said marketing expenditure was €212mn higher than a year earlier, reflecting increased spending on World Cup campaigns."}],[{"start":36.2,"text":"Shares in the German sportswear group fell 15 per cent in early trading."}],[{"start":40.7,"text":"The surge in spending around this summer’s World Cup in North America came as chief executive Bjørn Gulden sought to close the gap with rival Nike."}],[{"start":48.64,"text":"The profit miss came despite record second-quarter revenues of €6.7bn, up 14 per cent at constant currencies. Growth was driven by strong demand for running and football products, as well as gains in China, where Nike has been struggling with falling sales."}],[{"start":64.2,"text":"Nike, the world’s largest sportswear group, recently reported its lowest quarterly revenue in more than four years."}],[{"start":70.96,"text":"Adidas adjusted its full-year 2026 sales guidance, saying it now expected currency-neutral revenues to increase by between 9 and 10 per cent, compared with a previous forecast of high-single-digit growth. It maintained its operating profit target of about €2.3bn."}],[{"start":87.82,"text":"The company also said chief financial officer Harm Ohlmeyer would leave when his contract expired at the end of the year. He will be replaced by Birgit Kretschmer, who rejoins from clothing retailer C&A, having previously worked at Adidas until 2020."}],[{"start":106.4,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785400662_3825.mp3"}