Frankfurt - German sportswear and equipment maker Adidas AG said Tuesday it planned to step up its restructuring efforts after reporting a 97-per-cent plunge in first-quarter net profit.

With the global economic downturn gaining momentum earlier this year, the world's second-biggest sporting goods maker after Nike said net profit in the first three months of the year dropped to 5 million euros (6.69 million dollars) from 169 million euros in the same period in 2008.

Adidas sales fell 2 per cent to 2.57 billion euros but the group confirmed its outlook for 2009 with the company saying next year's football World Cup would help to underpin earnings and sales later in the year.

Unveiling the results, the company said it planned to cut costs by 100 million euros by reducing its regional headquarters in Asia and Europe as well as closing some stores.

"The economic climate adds urgency to accelerate our plans," said Adidas chief Herbert Hainer, who pointed to high raw material costs along with falling sales in Europe and the US as well as the weaker dollar as helping to undercut the group's first quarter earnings.(dpa)