Sportswear maker Adidas AG posted a 93% decline in second quarter profit on currency devaluations and tougher competition, the company said in a statement.

Net profit in the April-June period fell to €9 million from €116 million a year ago, while sales slid 3% €2.46 billion from €2.52 billion the year before.

“The impacts of the economic downturn and repercussions on consumer spending are well documented and certainly continued to influence our performance in the second quarter,” said Herbert Hainer, Adidas Group CEO and Chairman. “However, the good news is that we did not see any fundamental deterioration in our business since publishing our first quarter results. Our financials for the first half of 2009 are exactly in line with the guidance we provided in May – if not a little better. As a result, I believe we have seen the bottom in our financial performance this year.”

The company added that it expects earnings per share to be significantly more positive in the second half of 2009 compared to first half-year on “positive impetus” ahead of the 2010 FIFA World Cup, but warned that second-half earnings would not reach the levels achieved in the second half of the prior year.

Hainer added that he was confident results would improve. The Group, meanwhile, has projected a low- to mid-single-digit sales decline on a currency-neutral basis for both Adidas and Reebok brands in 2009 and a low-single digit rate increase in sales for its TaylorMade-Adidas Golf business.