Adidas posts net loss in 2023

By Gokhan Ergocun

ISTANBUL (AA) - German sportswear giant Adidas saw a net loss in 2023, according to a press release on Wednesday.

The company's net loss was €58 million ($63.4 million) in 2023, down from a net income of €254 million in 2022.

Sales totaled €21.4 billion last year, down by 4.8% on a yearly basis.

Although it posted a net loss, the company's board proposed a dividend of €0.70 per share, unchanged from last year.

“Although by far not good enough, 2023 ended better than what I had expected at the beginning of the year,” said Adidas CEO Bjorn Gulden. “Despite losing a lot of Yeezy revenue and a very conservative sell-in strategy, we managed to have flat revenues.”

Adidas cut ties with rapper Kanye West in October 2022, suspending sales of the highly profitable Yeezy sneaker line.

Gulden said 2024 will be a great year to showcase the brand with the Olympics, Paralympics, EURO 24, Copa and other sports events.

“I really look forward to celebrating live sport with a lot of fans. I think a lot of people all over the world look forward to sport parties! This will also support our business,” he said.

“We still have a lot of work to do, but I feel very confident we are on the right track. We will bring adidas back again. Give us some time and we will again say – we got this!”