Adidas flagship store located in the pedestrian street of Nanjing Road, Shanghai, China.
CFOTO | Future Publishing | Getty Images
Adidas On Wednesday, sales grew more than expected in the fourth quarter as retailers emerged from weaknesses in North America and China.
The German sportswear giant’s revenue rose 19% in three months at neutral currency interest rates to €5.97 billion ($6.34 billion), more than LSEG analysts predicted €5.72 billion.
Operating profit was €57 million in the fourth quarter, while losses of €377 million in the same period last year.
Full-year sales rose 12% at currency neutral interest rates to 23.7 billion euros, compared with an expected 23.5 billion euros. Operating profit totaled 1.34 billion euros in 2024, while 1.27 billion euros were forecast.
These figures are in advance under the guidance of the company itself grow up In October, currency-neutral interest rates and operating profits were approximately 1.2 billion euros, with annual revenue growth of about 10%.
CEO Bjorn Gulden described Wednesday’s results as “much better than we expected.”
“Although we haven’t wanted to be in a long-term position, it’s a very successful year, confirming the strength of the Adidas brand, the potential of our company and a great work our team has done. We still have a lot of improvements, but I’m proud of what our people have achieved in 2024,” he said in a statement.
Adidas tried to see Nike sales drop, while wider retailers shifted their overreliance on weaker China, thus trying to expand its market share in North America.
Adidas’ North American sales fell 1.6% in 2024 at neutral currency neutrality, and he worked hard to recover from the once-sustaining range of Yeezy sneakers. The sportswear giant was forced to axe the Yeezy line after ending its partnership with rapper Ye, formerly known as Kanye West, a series of anti-Semitic rhetoric made by the rapper in 2022.
The company said Wednesday it had sold its remaining Yeezy inventory in the fourth quarter.
Since taking over in January 2023, Goulden has been looking for distances from the lost Yeezy series that caused the lost Yeezy series.
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