Adidas reported a loss for the last three months of 2012 after writing down the value of its Reebok brand.
The group reported a fourth quarter operating loss of 239m euros ($US311 million), after adjusting assumptions about the rate of growth at Reebok, by writing off 265 million euros to reflect lower growth predictions for the brand.
Last year, Adidas cut its 2015 sales target for Reebok, a sports shoe company, by a third.
Adidas' operating profit for 2012 fell by 3.4% to 920 million euros.
Reebok was bought by Adidas in 2005. Adidas is trying to reposition the brand as clothing to be worn for exercise such as yoga and dance.
Last year Adidas spent $US160 million sponsoring both the London Olympics and the Euro 2012 Football Champions.