FRANKFURT (Reuters) - German sportswear maker Adidas, facing investor discontent over its underperforming share price, announced a plan on Wednesday to buy back up to 1.5 billion euros ($1.89 billion) in shares over the next three years.
ADIDAS (ADS.XE)said in a statement the shareholder return program would be predominantly financed from the group's free cash flow, adding share buybacks would start in the fourth quarter and be completed by Dec. 31, 2017.
The company, the world's second biggest sportswear firm after U.S. rival Nike, issued its third profit warning in a year in July, blaming a plunge in sales at its golf business and its exposure to a weak Russian market.
Adidas, which has been losing market share in its home territory of western Europe to Nike and has failed to make serious inroads in North America, has seen its shares fall by more than a third this year.
($1 = 0.7925 euro)
(Reporting by Emma Thomasson; Editing by Maria Sheahan)
