4:00 PM Frankfurt – adidas net plunged 27% to €348 million on 2% sales decline. Commerzbank net profit more than doubled. Nestle profit declined 10% to 4.6 billion francs after revenue fell 5%. Rio Tinto profit surged 156% to $4.4 billion. Zurich Insurance net soared 14% to $2.1 billion.
In London trading, FTSE 100 index slid 0.2% or 11.02 to 6,625.14 and in Frankfurt the DAX index fell 0.3% or 25.09 to 9,104.95.
In Paris, CAC 40 index dropped 0.7% or 27.92 to 4,179.22.
declined 4.2% to €55.65 after the Germany-based sports footwear, apparel and accessory maker reported net sales in the first-half ending in June dropped 1.9% to €7 billion from €7.13 billion a year ago period.
Net income in the period plunged 27.4% from a year ago period to €348 million compared to €480 million and diluted earnings per share dropped to €1.67 from €2.29.
Adidas also lowered operating margin outlook to a range between 6.5% and 7% from the earlier estimated range between 8.5% and 9%.
Adidas has declined 37% in the year-so-far and the stock is the worst performer in the benchmark DAX Index in Germany. The stock has lost 17% since the announcement of second-quarter report on July 31.
Last week, adidas lowered its 2014 earnings outlook to 650 million euros from the previous estimate between 830 million and 930 million euros.
gained 2.2% to €10.65 after the Germany-based bank said revenue in the second-quarter ending in June dropped 3% to €2.24 billion from €2.31 billion a year ago period.
Net profit in the quarter surged 150% from a year ago to €100 million compared to €40 million.
As of June, the lender said total assets for the group jumped to €583 billion from €550 billion in the second-half ending in December.
jumped 3.5% to 69.45 francs after the Switzerland-based food and beverage maker reported total sales in the first-half ending in June dropped 4.8% to 42.98 billion francs from 45.17 billion francs a year ago period.
Net profit in the period declined 9.6% from a year ago to 4.63 billion francs compared to 5.12 billion francs and earnings per share slumped to 1.45 francs from 1.60 francs.
Rio Tinto Plc
rose 0.3% to 3,399.50 pence after the Anglo-Australia resource company reported revenue in the first-half ending in June slipped 0.7% to $24.34 billion from $24.51 billion a year ago period.
Profit in the period surged 155.8% from a year ago to $4.40 billion compared to $1.72 billion and diluted earnings per share soared to 237 cents from 92.6 cents.
The miner said as of June, net debt dropped 27.1% to $16.1 billion from $22.1 billion and reduced adjusted total borrowings by $2.5 billion to $25.7 billion from a year ago period.
Zurich Insurance Group Ltd
climbed 3.1% to 268.60 francs after the Switzerland-based insurance company reported total revenue in the first-half ending in June increased 2.1% to $35.04 billion from $34.31 billion a year ago period.
Net income in the period soared 14% from a year earlier to $2.11 billion compared to $1.85 billion and diluted earnings per share jumped to $14.21 to $12.50.