{"id":4065,"date":"2024-03-13T21:00:43","date_gmt":"2024-03-13T19:00:43","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=4065"},"modified":"2024-03-13T21:00:43","modified_gmt":"2024-03-13T19:00:43","slug":"adidas-posts-first-loss-in-30-years","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=4065","title":{"rendered":"Adidas posts first loss in 30 years"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/adidas-posts-first-loss-in-30-years.jpg\" class=\"ff-og-image-inserted\">German sportswear giant Adidas\u00a0posted its first annual loss in more than 30 years on Wednesday and <strong>warned sales in North America would fall again<\/strong> as sportswear retailers in the U.S. struggle with high inventories.<\/p>\n<p>Adidas\u00a0has been battling to right itself after it cut ties with Kanye West in October 2022, suspending sales of the highly profitable Yeezy sneaker line.In CEO Bjorn Gulden\u2019s first year in the role, he resumed sales of Yeezy sneakers to clear remaining stock while seeking to boost popular products like Samba and Gazelle shoes, and improve relationships with retailers. Shares in\u00a0Adidas\u00a0have staged a recovery, outperforming Nike and Puma since he took over.\u201cAlthough by far not good enough, <strong>2023 ended better than what I had expected at the beginning of the year,\u201d<\/strong> Gulden said.This year\u00a0North America will continue to be weak with\u00a0Adidas\u00a0expecting sales to fall by around 5% this year.Lower demand and\u00a0overstocked stores\u00a0in the U.S. have weighed on sportswear and apparel companies, and\u00a0Adidas\u00a0said sales in North America fell by 21% in the fourth quarter and by 16% over the year.Overall, Gulden said clearing stock through its outlet stores helped\u00a0Adidas\u00a0bring inventories down by 1.5 billion euros in 2023, a 24% decline.Adidas\u00a0has flagged shipment delays of two to three weeks due to the Red Sea crisis, and Chief Financial Officer Harm Ohlmeyer said on Wednesday that there could be an impact on working capital if the disruptions continue.<strong>\u2018RIGHT DIRECTION\u2019<\/strong>Adidas\u00a0is gambling that it can claw back market share from rivals even as consumers\u2019 overall appetite for sportswear declines, sparking job cuts at\u00a0Nike.Adidas\u00a0expects its underlying business \u2013 excluding Yeezy \u2013 to improve in 2024, with growth of at least 10% in the second half.<strong>It\u00a0has benefited from a\u00a0trend\u00a0for low-rise suede \u201cterrace\u201d sneakers like the Samba and Gazelle, and last year ramped up production.<\/strong> That trend helped footwear sales grow by 8% in the fourth quarter, while apparel sales fell 13%.\u201cThings have clearly been going in the right direction at\u00a0Adidas\u00a0since Bjorn Gulden took over,\u201d said Thomas Joekel, portfolio manager at Union Investment. \u201cBrand heat is increasing, which can also be seen from the fact that fewer products now have to be sold at a discount.\u201dIn China\u00a0Adidas\u00a0expects a stronger recovery, with sales growing at a double-digit rate after an 8% increase in 2023.Adidas\u00a0last month set expectations low for its remaining Yeezy products, saying it would sell the sneakers \u201cat least at cost\u201d. It launched its latest drop on Feb. 26, but demand for the shoes is difficult to predict.The Yeezy sales are \u201cstill a little bit of a wild card,\u201d said Cristina Fernandez, analyst at Telsey Advisory Group, despite the company managing the sales successfully so far.<strong>Adidas\u00a0made 750 million euros in revenue from Yeezy sales last year, resulting in a 300 million euro profit<\/strong>. The company set aside 140 million euros for donations to charities fighting antisemitism and racism.Adidas\u2018\u00a0board\u00a0will\u00a0propose an unchanged dividend of 0.70 euros ($0.7650) per share on its 2023 performance despite a net loss of 58 million euros, its first since 1992.Follow the<br \/>\nCyprus Mail  on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; Adidas posted its first annual loss in more than 30 years and warned that sales in North America would fall again due to high inventories among sportswear retailers in the U.S.<br \/>\n&#8211; The company cut ties with Kanye West in October 2022, suspending sales of the Yeezy sneaker line.<br \/>\n&#8211; CEO Bjorn Gulden resumed sales of Yeezy sneakers to clear stock and focused on boosting sales of Samba and Gazelle shoes.<br \/>\n&#8211; Adidas shares have recovered, outperforming Nike and Puma since Gulden took over.<br \/>\n&#8211; Adidas expects sales in North America to fall by around 5% this year.<br \/>\n&#8211; Sales in North America fell by 21% in the fourth quarter and by 16% over the year.<br \/>\n&#8211; Adidas reduced its inventories by 1.5 billion euros in 2023, a 24% decline.<br \/>\n&#8211; The company has experienced shipment delays due to the Red Sea crisis.<br \/>\n&#8211; Adidas aims to improve its underlying business, excluding Yeezy, with a growth target of at least 10% in the second half of 2024.<br \/>\n&#8211; The trend for low-rise suede &#8220;terrace&#8221; sneakers like Samba and Gazelle has benefited Adidas, with footwear sales growing by 8% in the fourth quarter.<br \/>\n&#8211; In China, Adidas expects sales to grow at a double-digit rate after an 8% increase in 2023.<br \/>\n&#8211; Adidas made 750 million euros in revenue from Yeezy sales last year, resulting in a 300 million euro profit.<br \/>\n&#8211; The company plans to propose an unchanged dividend of 0.70 euros per share on its 2023 performance despite a net loss of 58 million euros, its first since 1992.<\/p>\n","protected":false},"author":3,"featured_media":4066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1778,1779,969,186,486,1240,33,3,181,599,266,250,701,1780],"class_list":["post-4065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-adidas","tag-annual-loss","tag-antisemitism","tag-business","tag-china","tag-clear","tag-companies","tag-cyprus","tag-donations","tag-euro","tag-gambling","tag-google","tag-red-sea","tag-sales-in-north-america"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Adidas posts first loss in 30 years<\/title>\n<meta name=\"description\" content=\"sneakers. 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