Group 1 - Adidas reported a 19% increase in fourth-quarter revenues to 5.97 billion euros ($6.34 billion), surpassing the forecast of 5.72 billion euros by LSEG analysts [1] - The operating profit for the fourth quarter was 57 million euros, a significant recovery from a loss of 377 million euros in the same period last year [1] - The company is focusing on growing its market share in North America amid declining sales at Nike and a shift away from reliance on a weaker China [2] Group 2 - North America sales for Adidas fell 7% at currency-neutral rates in the third quarter, struggling to recover from the termination of the Yeezy sneaker line [3] - The Yeezy line was terminated following the end of the partnership with Ye due to his anti-Semitic remarks in 2022 [3] - Adidas expects to sell the remainder of its Yeezy inventory by the end of 2024, as CEO Bjorn Gulden aims to distance the brand from the loss-making line and initiate a broader turnaround since taking over in January 2023 [4]
Adidas sales rise 19% in the fourth quarter, beating expectations