Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Adidas FY sales fall short of estimates
(Sharecast News) - German sportswear giant Adidas reported full-year results that fell short of estimates on Wednesday as a result of the loss of its very profitable Yeezy line following the cessation of its long-running collaboration with Kanye West. Adidas said Q4 sales fell 7.6% to €4.81bn euros, while full-year revenues dropped 4.8% to €21.43bn. If it were not for the Yeezy business, Adidas would have reported currency-neutral revenue growth of 2% in 2023.
Chief executive Bjorn Gulden noted the company was still working to recover from the loss of Yeezy line.
"Despite losing a lot of Yeezy revenue and a very conservative sell-in strategy, we managed to have flat revenues," Gulden said. "We still have a lot of work to do, but I feel very confident we are on the right track. We will bring Adidas back again."
North American sales fell 16.1% in currency-neutral terms to €5.22bn, while Latin America saw sales growth of 21.6%to €2.29bn. In Europe, the Middle East and Africa, sales dipped 0.4% to €8.23bn, while sales in Greater China grew 36.8% to €3.19bn,
Adidas also said operating profits decreased significantly, falling 59.9% from €669.0m in 2022 to €268.0m in 2023.
Looking forward, Adidas sounded a positive note for the year ahead, predicting currency-neutral revenues to increase at a mid-single-digit rate during 2024. Gulden added that modest growth was expected to take place in the first half but said the second half of 2024 should be better.
As of 1230 GMT, Adidas shares were up 0.11% at €192.96 each.
Reporting by Iain Gilbert at Sharecast.com
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
