Earnings

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

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Adidas shoes are displayed at a DSW store on January 31, 2024 in Novato, California. 

Justin Sullivan | Getty Images

Adidas on Wednesday warned of a sales decline in its overstocked North American market in 2024, as the German sportswear brand continues to sell off its remaining Yeezy inventory.

Currency-neutral sales in North America are expected to decline to a mid-single-digit rate in 2024, but are projected to notch mid-single-digit growth worldwide despite persistent “macroeconomic challenges and geopolitical tensions,” the company said.

Adidas confirmed its 2023 operating profit came in at 268 million euros ($292.9 million) on the back of flat currency-neutral sales, significantly…



Source cnbc.com

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