Adidas warns of falling sales in North America as it continues to sell off Yeezy inventory

Adidas Expects Sales Decline in North America, but Growth Worldwide #

Adidas warned of a sales decline in its overstocked North American market in 2024, while predicting mid-single-digit sales growth globally. The company confirmed its 2023 operating profit came in at €268 million ($292.9 million) with flat currency-neutral sales, surpassing prior expectations. Adidas cited geopolitical tensions and macroeconomic challenges as persistent obstacles to growth. The sportswear brand’s decision to discontinue its Yeezy line led to a drag of approximately €500 million on a year-on-year basis through 2023. Despite this, Adidas reduced inventories by nearly €1.5 billion. The company expects some growth in Q1 2024 and anticipates a stronger second half of the year.