Adidas Posts First Net Loss in Over 30 Years as Sales Slump in Key North American Market

• Adidas reported a net loss in 2023, its first in over 30 years, with lower demand and overstocked stores hurting sales • North American sales dropped 16% due to losing Yeezy brand and conservative inventory management • Sales grew in Greater China, Asia Pacific, and Latin America markets • Adidas expects North American revenues to continue struggling into 2024 as excess inventory is sold off
• Rival Nike leads global sneaker sales with over $30 billion in revenue in 2023