Adidas reports 2023 operaing profit EUR 268M vs. EUR (100M) guidance

Based on preliminary unaudited numbers, Adidas currency-neutral revenues were flat versus the prior year-level in 2023 “despite the drag from the devaluation” of the Argentine Peso in Q4. In reported terms, sales were down 5% to EUR 21.43B versus EUR 22.51B in 2023. Reported revenues include the negative translation impact of more than EUR 1B from unfavorable currency movements, which are expected to remain a drag on the company’s top-line development in 2024. Adidas generated an operating profit of EUR 268M in 2023 versus EUR 669M in 2022. According to its latest guidance the company was expecting an operating loss of EUR 100M.