Hot on Nike's Heels

When Adidas-Salomon reported its second-quarter results last week, the German maker of sports shoes and apparel exceeded most analysts' predictions. Sales increased by 10% in the quarter to $1.25 billion, while profits were up 22%. So why was Herbert Hainer, who took over as CEO of the Bavarian company in March, not entirely a happy camper? The answer lies in the U.S. market, the world's largest for sporting goods, where sales fell about 13% in dollar terms. "Even in the tough environment in the U.S. there are winners and...