German sportswear company Adidas reported disappointing first-quarter results yesterday due to a big drop in sales at its TaylorMade golf business, but said a stronger second quarter was signalling a return to growth.

The world’s second-biggest sportswear firm said operating profit fell almost a third to €303 million. It said €80 million of the decline was due to a poor quarter at TaylorMade due to a change in shipping cycles and a declining US golf market, and €50 million from negative currency movements – particularly the recent drop in the Russian rouble.

But chief executive Herbert Hainer said those factors masked strong performances in emerging markets and confirmed the group's guidance for a "high single-digit" increase in currency-neutral sales in 2014. – (Reuters)