Adidas said that its revenue and operating profit last year “exceeded company guidance after a better-than-expected performance in the fourth quarter” and the group’s decision “ not to write off most of its Yeezy inventory,” according to Mauro Orru of the WALL STREET JOURNAL. Sales on a currency neutral basis were “flat last year compared with 2022,” which is “better than Adidas’s most recent forecast of a low-single-digit rate contraction despite the drag from the devaluation of the Argentine peso in the fourth quarter." In reported terms, annual sales slipped 5% to $23.24B while the company made an operating profit of $289.8M in 2023 -- down from $723.4M in 2022. The result is "better than company guidance” of a $108.1M operating loss. On an underlying basis, operating profit came in at roughly $216.2M in 2023, which is also above guidance of around $108.1M (WALL STREET JOURNAL, 1/31).
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