Adidas reported flat currency-neutral revenues in FY23, defying projections of a decline, but saw a 5 per cent decrease in reported sales to €21.427 billion.
The discontinuation of Yeezy and strategic wholesale reductions impacted sales.
Gross margin improved to 47.5 per cent.
Operating profit fell to €268 million from €669 million in FY22.Adidas reported flat currency-neutral revenues in FY23, defying projections of a decline, but saw a 5 per cent decrease in reported sales to €21.427 billion.
The discontinuation of Yeezy and strategic wholesale reductions impacted sales.
Gross margin improved to 47.5 per cent.
Operating profit fell to €268 million from €669 million in FY22.
