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Article Date: January 2024
Word Count: 346

Missing Yeezy Sales and ForEx Headwinds Send Adidas' Top Line Down 5%

The Big a said that reported revenues declined nearly 5% last year to €21,427 million ($23,164 mm) from €22,511 million, hurt by more than €1 billion in unfavorable currency movements and more than €450 million in missing Yeezy sales. An unspecified amount of the ForEx damage came from Argentina’s tumbling peso, which also caught out crosstown rival Puma with a big adjustment mandated by international accounting rules. Despite the headwinds, gross margin was a bright spot, improving 20 basis points ... Log in to view full article.


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