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Mercredi Mar 13 2024 15:19
6 min
Adidas stock yet to react to firm's first loss in 30 years
On Wednesday, the German sports apparel powerhouse Adidas reported its first annual loss in over three decades and projected a decline in North American sales due to high inventory levels plaguing U.S. sportswear retailers.
The company has been attempting to recover from the fallout of ending its partnership with Kanye West in October 2022, which led to halting sales of the lucrative Yeezy sneaker line.
Under the leadership of CEO Bjorn Gulden, who marked his first year at the helm, Adidas resumed selling Yeezy sneakers to deplete the remaining inventory. The company also focused on enhancing the appeal of its traditional products like Samba and Gazelle sneakers and strengthening retailer partnerships. Since Gulden's tenure began, Adidas shares have seen a resurgence, outperforming rivals Nike and Puma.
"Although by far not good enough, 2023 ended better than what I had expected at the beginning of the year," Reuters quoted Gulden as saying.
As of 15:00 GMT on March 13, Adidas shares, which trade on the Frankfurt Stock Exchange under the ticker ADS, mostly traded flat at € 192.98 per share.
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Adidas forecasts falling sales in North America
Adidas anticipates a challenging year in North America, forecasting a 5% decrease in sales due to diminished demand and retailer overstock.
The brand experienced a 21% sales drop in North America during Q4 2023 and a 16% decrease throughout the entire year.
CEO Gulden noted that offloading surplus through outlet stores contributed to a reduction of inventory by 1.5 billion euros in 2023 — a 24% decline.
The company also flagged potential shipment delays of two to three weeks due to disruptions in the Red Sea, with CFO Harm Ohlmeyer indicating possible impacts on working capital if these issues persist.
German sports powerhouse remains optimistic about prospects
Despite facing a declining demand for sportswear, Adidas is optimistic about regaining market share, even as competitors like Oregon-based Nike announce job cuts.
For 2024, Adidas predicts a recovery in its core business (excluding Yeezy) with a second-half growth target of at least 10%.
The brand has capitalized on the popularity of low-rise suede "terrace" sneakers, such as the Samba and Gazelle, leading to an 8% increase in footwear sales in the fourth quarter, while apparel sales dropped by 13%.
Thomas Joekel, portfolio manager at Union Investment, told Reuters:
"Things have clearly been going in the right direction at Adidas since Bjorn Gulden took over. Brand heat is increasing, which can also be seen from the fact that fewer products now have to be sold at a discount."
Adidas banking on sales rebound in China
In China, Adidas anticipates a robust rebound with double-digit sales growth following an 8% increase in 2023.
Despite setting modest expectations for its remaining Yeezy inventory, stating it would sell these products "at least at cost". It launched its latest drop on February 26, but demand for the shoes remains difficult to predict.
Analysts view the Yeezy sales as uncertain, although Adidas has managed them effectively to date, generating 750 million euros in revenue and 300 million euros in profit from Yeezy sales last year. The company has also allocated 140 million euros for donations to anti-antisemitism and anti-racism charities.
The Yeezy sales are “still a little bit of a wild card”, according to comments shared with Reuters by Cristina Fernandez, an analyst at Telsey Advisory Group. The investment firm maintained a Market Perform rating on the company’s stock before the call. Telsey also kept its Adidas share price target at €185.00 — although these may change as the firm digests the earnings report.
Despite a net loss of 58 million euros for the year, its first since 1992, Adidas' board plans to propose an unchanged dividend of 0.70 euros per share for its 2023 performance.
The Frankfurt-based DAX index, which includes Adidas shares, recently closed at a new record level of 17,965.12, as equities worldwide continued to rally — despite seemingly sticky inflation in the U.S.
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