Adidas lost an attributable net profit of 45 million euros during the first half of this year, 94.2% below the amount obtained in the same period of 2022, as reported by the sports clothing and accessories manufacturer. The results have been received on the stock market with moderate gains and the titles rebound close to 1%, up to 180 euros. So far this year they have accumulated a revaluation of 47%, with great ups and downs due to the break caused by the break in their collaboration with rapper Kanye West.
On the other hand, the turnover only had a year-on-year drop of 2.6%, up to 10,617 million euros. By regions, Europe, the Middle East and Africa (Emea) fell by 1% with sales of 3,975 million and North America fell by 17.2%, with 2,575 million. For its part, in China it had a turnover of 2,575 million, falling by 4.2%, in the Asia Pacific area the brand grew by 5.8%, with sales of 1,117 million, and in Latin America it increased by 28.2% reaching the 1,191 million euros.
Regarding the data for the second quarter of the year, the multinational obtained an attributable net profit of 84 million, 71.4% less than between April and June 2022. In turn, sales fell 4.5%, standing in the 5,343 million euros.
They will continue to wear Yeezy after breaking up with Kanye West
After the publication of these results, the CEO of Adidas.
Specifically, Gulden has commented that one aspect that has helped the results of the quarter has been the marketing of Yeezy brand products, which have gone on the market despite the fact that the multinational canceled its business relationship with rapper Kanye West.
Thus, Gulden has ensured that the company will continue to sell existing Yeezy inventory, which he considers better than destroying and discarding it, since it allows them to make “substantial donations” to certain organizations while helping Adidas with its cash flow and financial strength. In fact, as the company already announced at the end of July, the sales of Yeezy products have helped reduce its loss forecasts for 2023.
