Adidas (ADS-DE) earnings Q4 2024

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Adidas (ADS-DE) earnings Q4 2024

An Adidas flagship store at Nanjing Road Pedestrian Street in Shanghai, China.

Cfoto | Future Publishing | Getty Images

Adidas on Wednesday reported an uptick in fourth-quarter sales that exceeded expectations, as the retailer shakes off weakness in North America and China demand.

The ******* sportswear giant recorded a 19% increase revenues at neutral currency rates to 5.97 billion euros ($6.34 billion) in the three-month *******, ahead of the 5.72 billion euros forecast by LSEG analysts.

Operating profit came in at 57 million euros in the fourth quarter compared to a loss of 377 million euros in the same ******* of last year.

Adidas is attempting to grow its market share in North America amid declining sales at Nike and a broader retailer shift away from an overdependence on a weaker China.

Adidas’ North America sales, which fell 7% at currency-neutral rates in the third quarter, have struggled to recover from the termination of its once-lucrative Yeezy sneaker line. The sportswear giant was forced to axe the Yeezy line after terminating its partnership with Ye, the rapper formerly known as Kanye West, over a string of anti-Semitic remarks that the rapper made in 2022.

The company said last year that it expected to sell the remainder of its Yeezy inventory by the end of 2024.Chief Executive Bjorn Gulden has been looking to distance Adidas from its loss-making Yeezy line and spark a wider turnaround of the brand since taking the helm in January 2023.

This is a breaking news story and will be updated shortly.

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