Adidas suffers first full-year loss since 1992, warns of US sales drops as it sells off Yeezy sneakers
NY Post
Adidas posted its first annual loss in more than three decades on Wednesday, and warned that US sales will drop this year as the German sportswear giant continues selling off its remaining Yeezy inventory.
For 2023, Adidas posted a $63.4 million net loss, its first since 1992, MSN earlier reported.
In 2024, currency-neutral sales in North America are expected to decline to a mid-single-digit rate, around 5%, over “macroeconomic challenges and geopolitical tensions,” the company said in its earnings outlook.
Also this year, Adidas also said its “remaining Yeezy inventory assumed to be sold at cost.”
Adidas has already been putting its unsold Yeezy sneakers up for sale through its digital platforms in three separate drops in the wake of its failed collaboration with Kanye West, the rapper now known as “Ye.”
Adidas said that clearing its stock helped Adidas bring inventories down by $1.64 billion in 2023, a 24% decline.
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