Pro Content

adidas’ Fiscal 2023 Ended Positive, Depsite Low Q1 & Q2 Performances

Major developments FY 2023 Currency-neutral sales flat versus prior year; significantly above initial expectations Top-line development reflects conservative sell-in, focus on full-price business, and lower Yeezy sales Gross margin up 0.2pp to 47.5%, due to better business mix and lower freight costs; largely offset by significant negative FX effects, higher product costs, and higher discounting Operating profit of €268 million almost €1 billion better than initially expected Inventories…