adidas
German sportswear giant Adidas showed a robust sales performance for its iconic Samba trainers as it reported earnings up for the first quarter of 2024. Media fears some weeks ago that Sunak being seen wearing the trainers might put buyers off have proved unfounded. Adidas reported a revenue of €5.46 billion, an increase of 3.5% on the same quarter last year. Net income came in at €171 million, a significant change on the €33 million loss seen in the first quarter of 2023. Operating profit for Q1 2024 was €336 million, up considerably on the €60 million seen for the same period last year. Earn...
Euronews (English)
Sports apparel giant Adidas has reported its first annual net loss in three decades, due to high levels of US inventories and lower demand impacting sales. The company saw a net loss from continuing operations of €58 million for the full year 2023. The company also reported that North American sales dropped 21% in the last quarter of 2023 and 16% throughout the year. The company has taken a significant hit due to stopping sales of the much in demand Yeezy sneaker line, although it later resumed sales to clear remaining Yeezy stock. CEO Bjorn Gulden said in a press statement by the company: "Al...
Euronews (English)
Adidas said that it has donated or is planning to give away more than €140 million to groups fighting antisemitism and other forms of hate from the sales of Yeezy shoes last year after it severed ties with Kanye “Ye” West. The German sportswear brand had €1.2 billion ($1.3 billion) worth of popular Yeezy sneakers piled up in warehouses after it broke off its partnership with Ye in October 2022 over his antisemitic and other offensive comments on social media and in interviews. Adidas decided to sell some of the remaining shoes in batches, with two releases last year and another that launched l...
Euronews (English)
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