adidas: turnover up 6% (€22.5bn) but net profit down 70% (€638m) in 2022

adidas AG posted a turnover of €22.511bn in the 2022 financial year (from 01/01 to 31/12/2022), up by 6% compared to 2021 (€21.234bn), announced the German equipment manufacturer on 08/03/2023. This turnover remains lower than that posted in 2019 (€23.6bn), i.e. before the Covid-19 pandemic.

• The group, which has 59,258 employees (52% of whom are women), has an operating profit (€669m) almost three times lower than in 2021 (€1.98bn).
• adidas' net profit also fell from €2.158bn to €638m in one year (-70.4%).
• EBITDA fell from €3.06bn in 2021 to €1.874bn in 2022 (-39%).
• The company's gross margin fell by 3.4% to 47.3% in 2022 (2021: 50.7%).

Net income from continuing operations decreased by 83% to €254m in 2022 (2021: €1.492bn). "This decline was partly related to one-off costs in the amount of €350m. These one-off costs reflect the company's decision to wind down its business in Russia, a settled legal dispute, higher provisions for customs-related risks, cash-pooling in high inflationary countries as well as restructuring costs as part of the company’s business improvement…