UPDATE 1-Adidas sets new margin target after profit warning

* 2014 op. margin target cut to 6.5-7 pct from 8.5-9 pct

* Spending on marketing and own-run stores to increase

* Sales up in Europe, Latin America

(Adds details, background)

BERLIN, Aug 7 (Reuters) - Adidas, the world's second-biggest sportswear firm, cut its margin targets for 2014 on Thursday, a week after it issued a profit warning that it blamed on poor performance at its golf business and volatile emerging market currencies.

Adidas said it was now targeting an operating margin of 6.5-7.0 percent for 2014, from a previous 8.5-9.0 percent and down from 8.7 percent in 2013 as it increases spending on marketing and invests in an expansion of own-run stores.

It said it now expects operating expenses as a percentage of sales to increase from the 42.3 percent recorded last year, compared with previous guidance for them to stay flat.

Among the targets Adidas abandoned last week was a goal to bring its operating margin to an ambitious 11 percent in 2015, still below the 13 percent recorded by rival Nike in its fiscal year to May 31.

Adidas, which has been losing ground to Nike in key markets, already reported last week that second-quarter sales rose 2 percent to 3.47 billion euros ($4.64 billion), a rise of 10 percent on a currency-neutral basis.

Adidas said all regions had contributed to that currency-neutral rise in sales, with western Europe up 13 percent, eastern Europe up 14 percent - driven by a double-digit rise in Russia - and Latin America up 33 percent.

Adidas said last week it was scaling back investment in Russia, where it runs more than 1,000 stores, citing a fall in the rouble since the start of the Ukraine crisis and increasing risks to consumer sentiment and spending there.

In North America, where Adidas has struggled to make inroads into Nike territory, group sales rose 1 percent as a good performance by the core Adidas brand and Reebok fitness were offset by an 18 percent fall for its TaylorMade golf unit.

(1 US dollar = 0.7470 euro)

(Reporting by Emma Thomasson; Editing by Victoria Bryan and Maria Sheahan)