Adidas forecast ‘a bumpy year with disappointing numbers’ ahead after a dip in first-quarter sales for the German sportswear giant
shares rose on Friday after better-than-expected first-quarter results, although CEO Bjorn Gulden forecast "a bumpy year with disappointing numbers" for the German sportswear giant.
Gulden said Adidas was sticking to its guidance for 2023, having warned of a 700 million euro operating loss if it decides to completely write off the Yeezy stock. Gulden said the Adidas "terrace" shoe style is doing well in all markets, and the company has started to make more Samba, Gazelle, and Campus shoes.
North America was the worst hit by the Yeezy debacle, with currency-neutral sales down 20% from last year. Sales in Greater China, a difficult region for Adidas, fell by 9%, while EMEA sales rose 4%. Latin America was a bright spot with sales jumping by 49%.
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