From the C-Suite: Insights and Advice from Corporate Leaders
11/20/2024
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Corporate leaders occupy a unique vantage point in the business world, offering insights and guidance shaped by their …
May 8, 2023: Adidas said that its initial-quarter numbers came in better than anticipated. However, sales decreased 1% from a year-ago period, as investors scope for the German sportswear firm to turn its fortunes around.
Adidas, which the previous year ended a lucrative partnership with Ye, the rapper formerly called Kanye West, gave zero updates on what it intends to do with the stock of unsold Yeezy shoes.
Adidas said the Yeezy crisis reached sales in the reported quarter by nearly 400 million euros ($441.56 million), mainly affecting revenue across the North America, Greater China and EMEA regions.
“They refused in Lifestyle, and the loss of Yeezy is hurting us,” said CEO Bjorn Gulden.
Still, Gulden was optimistic regarding the rest of the year. He added that the Terrace shoe style is doing okay in all markets, and Adidas has started to make Samba, Gazelle, and Campus shoes.
Sales came in at 5.274 billion euros, a decrease from 5.302 billion euros in the initial quarter of 2022. According to consensus, which states compiled by the company, analysts expected sales to fall by 4%.
North America was the worst reached by the Yeezy debacle, with currency-neutral sales decreasing 20% from the previous year. Sales in Greater China decreased by 9%, while EMEA sales increased by 4%.
Adidas stated an operating profit of 60 million euros, beating analysts’ anticipation of 15 million euros. Its gross margin decreased to 44.8% due to the loss of Yeezy trade, higher supply chain prices and discounts.
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