Adidas reports first loss since 1992

Adidas AG (OTCQX:ADDYY) shares fell sharply after the sportswear group reported its first annual loss since 1992. The German giant posted a full-year net loss of €58 million as revenues declined 5% to €21.4 billion, though were flat on a currency-neutral basis.  Loss of sales from the cancelled Yeezy partnership with Kanye West hit revenues. In the final quarter of 2023, footwear sales grew by 8% while apparel sales fell by 13%, leaving currency natural sales down 2%. However, Adidas expects an improvement ...