Adidas Slumps After Currency Swings Eat Into Sneaker Sales (2)

Adidas AG slumped after currency rates weighed on its third-quarter sales figures and the brand failed to impress with its higher profit forecast.

The German sportswear company recorded €6.63 billion ($7.7 billion) in revenue for the quarter, bogged down in part by the negative effects of foreign-exchange movements, according to a statement late Tuesday that offered preliminary results. That fell a little shy of analyst estimates.

While the brand raised its operating profit forecast for the year to about €2 billion, that’s roughly in line with expectations and there probably won’t be any big revisions to that going forward, Piral ...