Adidas 2003 Annual Report Download - page 23

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DEAR SHAREHOLDERS,
Truly committed athletes always seem to find a way to win even in the toughest conditions – and this certainly
comes to mind when I look at adidas-Salomon’s performance in 2003.
The year started with huge uncertainties globally, both in the political and financial arenas. Add to that
exchange rate differentials (especially the euro/US dollar), which widened continuously throughout the year and
reduced reported sales by over
€
300 million, plus a slowdown in both our North American and Sport Heritage
businesses within brand adidas, and you get a sense of what we faced in 2003.
But what I love about adidas-Salomon is that even – if not especially – in tough times, we know how to tackle
challenges, to exploit open opportunities and how to work hard to realize our goals. In 2003, that meant creating
a stream of exciting product and marketing news throughout the year as well as taking important operational
steps forward.
On the product side, we introduced the ClimaCool® 2 and a3® Twin Strike footwear technologies, the Roteiro™
football, the Ellipse™ 10.0 ski boot and the RAC irons. All of these innovations are selling through at levels above
our expectations and helped our brands gain important visibility throughout the market.
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