adidas: a turnover of €21.427bn (-5%) & a net loss of €75m in 2023

adidas AG posted a turnover of €21.427bn for the financial year 2023 (01/01 to 31/12/2023), down 5% on 2022 (but stable taking into account currency effects), announced the German equipment manufacturer on 13/03/2024.

• The group posted an operating profit of €268m, "almost €1bn better than initially expected" which forecast an operating loss of €700m;
• adidas' net profit, on the other hand, fell for the second year running, from a net profit of €612m in 2022 to a net loss of €75m in 2023;
• EBITDA fell by 28% to €1.358bn (compared with €1.874bn the previous year).

In terms of segments, footwear remains adidas' flagship product, accounting for 57% of sales (€12.139bn). In terms of geographical breakdown, 39% of the brand's revenue comes from the EMEA market, while Latin America is the region that has seen the biggest increase in relative terms (9%).

• adidas' results for the 2024 financial year were impacted by the termination of the contract linking the brand to Kanye West's brand Yeezy.