Adidas 1Q Net Profit Falls 97 Percent To Euro5M

"Although some of these items will recur again as we go through the balance of the year, I am convinced we will put most of these effects behind us in the current year," he said.

Adidas will eliminate about 300 jobs in a layer of regional headquarters management in Europe and Asia and establish a joint operating model for Adidas and Reebok, which the company hopes will save about euro100 million annually. Regional managers would be offered other jobs within the company.

Adidas did not announce job cuts Tuesday, but said a hiring freeze is in place, and the company expects about 300 positions to drop from payrolls through attrition over the next three quarters.

Earlier this year, the company said it would eliminate about 700 jobs at Reebok and TaylorMade Adidas Golf in North and Latin America.

Adidas said it expected lower earnings per share in the near-term, but an improvement in the second half of 2009. The company predicted it would then generate "significantly positive" earnings per share in the second half due to added business ahead of the soccer World Cup, which will be hosted by South Africa in 2010.