{"id":10790,"date":"2024-05-06T12:00:50","date_gmt":"2024-05-06T09:00:50","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=10790"},"modified":"2024-05-06T12:00:50","modified_gmt":"2024-05-06T09:00:50","slug":"adidas-lifted-by-sales-of-samba-gazelle-shoes-while-north-america-lags","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=10790","title":{"rendered":"Adidas lifted by sales of Samba, Gazelle shoes while North America lags"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/05\/adidas-lifted-by-sales-of-samba-gazelle-shoes-while-north-america-lags.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><strong>Strong demand for its retro-style Gazelle and Samba sneakers helped drive Adidas\u2019 strong first-quarter growth, especially in its home market of Europe, the company has said, as it moves on from its damaging break-up with rapper Ye.<\/strong><\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-1397557016\">\n<div id=\"cypru-510547182\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-7845489551498-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>While its home market saw growth, North America was a weak spot as retailers remain overstocked, the German sportswear brand said.<br \/>\nAdidas has been on a turnaround journey since the cancelled partnership with Ye ended its highly profitable Yeezy shoe line and it reported a loss for 2023, but the company\u2019s sales have recently been boosted by the popularity of its \u201cterrace\u201d shoes such as the Samba and Gazelle.<br \/>\nAdidas CEO Bjorn Gulden said the lifestyle business drove sales in the first quarter, and that demand for terrace shoes was still growing, helping drive sales up 14 per cent in Europe.<br \/>\n\u201cThe demand for our product, especially in footwear is very, very high in our home market,\u201d Gulden told reporters on a call.<br \/>\nOverall, Adidas\u2019 footwear revenue jumped by 13 per cent over the quarter.<br \/>\n\u201cAdidas has gone from the one no-one wanted to touch to the brand that has all the positive momentum behind it,\u201d said Marcus Morris-Eyton, portfolio manager at AllianceBernstein, which holds Adidas shares in its European Growth fund.<br \/>\nShares in Adidas, which have gained 25 per cent so far this year, were down 1.3 per cent at 1105 GMT at 229 euros.<br \/>\nAdidas has taken advantage of a weakening of its much larger US rival Nike (NKE.N), which has lost market share and warned of a sales dip.<br \/>\nOn marketplace The Edit LDN, where sneakerheads buy and sell limited-edition shoes, sales of Nike shoes have fallen overall by roughly 30 per cent, while sales of Adidas shoes \u2013 which are typically lower priced \u2013 have jumped by 80 per cent from last year, founder Moses Rashid said.<br \/>\nAdidas sales grew by 8 per cent in China, while sales in North America, its second-biggest market, declined 4 per cent to 1.12 billion euros ($1.20 billion). In the US, like others, Adidas has been struggling with excess stock and has cut prices to move products off retailers\u2019 shelves.<br \/>\n\u201cThe American business is more difficult to turn around quick than the other markets,\u201d Gulden said.<br \/>\nHowever, he sees the company returning to growth in the region in the second half of this year.<br \/>\nIn China, the company said it will continue to invest and work on pricing to tap into the sports-focused market.<br \/>\nAdidas said it managed to reduce its inventory of footwear and clothing by 22 per cent compared with a year ago. In North America, inventory went down by 40 per cent. Along with lower sourcing costs, that helped drive Adidas\u2019 gross margin up by 6.4 percentage points to 51.2 per cent, the company said. Operating margin stood at 6.2 per cent, up from 1.1 per cent in the first quarter of 2023.<br \/>\n\u201cThe trajectory to get back to double-digit EBIT margins is on track,\u201d Morris-Eyton said, adding Adidas has managed to cut back on discounting, and that terrace shoes are a high gross margin product.<br \/>\n($1 = 0.9342 euros)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adidas reported strong first-quarter growth driven by high demand for its retro-style Gazelle and Samba sneakers, especially in Europe.<\/p>\n","protected":false},"author":3,"featured_media":10791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1778,186,8726,486,2511,3,4893,201,8993,8903,250,3330,3767,4614,8994,5527,387,3110,34,3331,3416,2447,1285,1033,7320,8992,5612,6106,4821,1780,3798,421,6001,380],"class_list":["post-10790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-adidas","tag-business","tag-ceo","tag-china","tag-costs","tag-cyprus","tag-demand","tag-europe","tag-first-quarter-growth","tag-follow","tag-google","tag-google-news","tag-growth","tag-growth-fund","tag-home-market","tag-loss","tag-lost","tag-market-share","tag-markets","tag-news","tag-nike","tag-partnership","tag-popularity","tag-prices","tag-products","tag-retro-style-sneakers","tag-revenue","tag-sales","tag-sales-dip","tag-sales-in-north-america","tag-shares","tag-sports","tag-struggling","tag-us"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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