Shares in Adidas dropped more than 10% after it issued a profit warning, adding that it would open fewer stores in Russia than it had planned.

It said net income for the year could be nearly a third lower than forecast. 

The company is now guiding net income for 2014 of around €650 million, down from an original target of €830m-930m.

Adidas is planning to reduce its expansion of stores in Russia, where the group has around a thousand stores already, and close more branches there.

Russia is one of the countries where Adidas has achieved a clear lead over its main rival, Nike.

The company is also to overhaul California-based golf brand TaylorMade, which makes golf bags, clubs and clothing for the US market after an 18% drop in sales.

Adidas recently took over from Nike as sponsors of Manchester United in a record $1.3 bn deal. It was also sponsor to World Cup victors, Germany.