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credit: adidas Group
credit: adidas Group

Adidas Confronted With First Annual Loss In 30 Years

adidas reported its first annual loss in over three decades on Wednesday and warned of a further decline in sales in North America.

This reflects the challenges since the split with Kanye West and the suspension of sales of the Yeezy sneaker line. CEO Bjorn Gulden, who took over last year, tried to reduce inventory by reselling Yeezy sneakers while promoting classics such as Samba and Gazelle.

In North America, adidas’ sales decreased by 16.1% to €5.22 billion EUR, and sales fell 0.4% in Europe, the Middle East and Africa to €8.23 billion EUR. The weakness in North America is expected to continue, with a forecast decline in sales of around 5 percent. adidas reported a 21 percent decline in sales there last quarter and a 16 percent decline for the full year. Despite the first net loss since 1992, adidas remains optimistic and expects the underlying business to improve from 2024.


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