(News Bulletin 247) – Adidas presents its results for 2022. Its net sales, reflecting growth in all markets except Greater China, increased by 1%.
Sales growth was supported by growth in the company’s wholesale (+1%) and direct-to-consumer business (+2%). In euros, the company’s revenues increased by 6% in 2022 to reach 22,511 million euros.
The last quarter of 2022 saw its turnover fall by 1%, impacted by the end of the partnership with Yeezy.
In 2022, the gross margin drops to 47.3%. Operating profit was 669 million euros, including non-recurring costs of 312 million euros. The operating margin fell to 3.0%. The net result of 254 million euros includes 350 million euros of non-recurring costs.
For 2023, the company expects a further decline in turnover. ‘2023 will be a transition year to build the base for 2024 and 2025,’ comments adidas CEO Bjørn Gulden. ‘Adidas has all the ingredients to succeed but we need to refocus on our core business: the product, the consumers, the retail partners and the athletes. ‘
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