Adidas: revenues up 6% to E22.5bn

(CercleFinance.com) - Adidas has published its 2022 results.
Currency-neutral revenue, reflecting growth in all markets except Greater China, inched up 1%.

Revenue was supported by growth in the company's wholesale business (+1%) and direct-to-consumer business (+2%). In euros, the company's revenues increased by 6% in 2022 to 22,511 million euros.

Q4 2022 revenue slipped 1%, impacted by the end of its partnership with Yeezy.

Its 2022 gross margin dropped to 47.3%. Operating profit was 669 million euros, including one-off costs of 312 million euros. Its operating margin decreased to 3%, while net profit was 254 million euros, including 350 million euros of non-recurrent costs.

For 2023, the company expects a further decline in sales, saying that 2023 will be a transition year to build the base for 2024 and 2025. Adidas has all the ingredients to succeed although it needs to refocus on its core business: the product, consumers, retail partners and athletes.


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