In its full-year 2023 (FY ’23) results, German sportswear company Adidas did “much better” than anticipated. The firm’s net sales decreased 4.8 per cent to € 21.4 billion (US $ 23.3 billion) as it continues to recover from the loss of its Yeezy line.
Adidas’ currency-neutral sales for the full year ended 31st December 2023 (FY ’23) were unchanged from the previous year. The sports brand said that its operating profit of € 268 million was about € 1 billion higher than anticipated.
Adidas CEO Bjørn Gulden said, “Although by far not good enough, 2023 ended better than what I had expected at the beginning of the year. Despite losing a lot of Yeezy revenue and a very conservative sell-in strategy, we managed to have flat revenues.”
Adidas stated that 2023 saw a 4 per cent increase in currency-neutral footwear sales despite the impact of Yeezy, which was attributed to robust double-digit growth in US sports, specialist, and football. The top-line boost in footwear was also made possible by a high single-digit growth in Originals.
Due to excessive inventory levels in the market and Adidas’ controlled sell-in to the wholesale channel as a reaction, apparel revenue fell 6 per cent on a currency-neutral basis.
The sportswear company’s problems in North America persist as sales there fell 16 per cent to € 5.22 billion over the course of the year. Price attributed this to Adidas’s “reduced wholesale stock,” “unfavourable economic climate inhibiting consumer appetite,” and other factors.
Sales in Latin America increased by 22 per cent to € 2.29 billion in revenue growth, with double-digit improvements in both wholesale and direct-to-consumer (DTC) sales.
Europe, the Middle East, and Africa (EMEA), the company’s largest region, saw flat revenues on a currency-neutral basis in 2023, dropping 0.4 per cent to € 8.23 billion.
While Greater China’s currency-neutral sales increased 8.2 per cent, the Asia-Pacific region saw revenue growth of 7 per cent. This increase was mostly due to double-digit growth in Adidas’ retail outlets as well as wholesale.
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