Adidas on Wednesday reported a substantial fourth-quarter loss and slashed its dividend, following the costly termination of its partnership with Kanye West's Yeezy brand in October.
New Adidas CEO Bjørn Gulden, who took over from Kasper Rørsted at the turn of the year, said in a statement Wednesday that 2023 will be a "transition year," as the company looks to reduce inventories and lower discounts in order to return to profitability in 2024.
"Motivated people and a strong adidas culture are the most important factors to build a unique adidas business model again. A business model built to focus on serving our consumer through both wholesale and DTC, that balances global direction with local needs, that is fast and agile, and of course, always invests in sports and culture to keep building credibility and brand heat."
"Inventory write-offs and one-off costs relating to the termination of its Yeezy partnership in October have cost Adidas dearly, resulting in an operating loss in the fourth quarter and a decline in sales. On top of that, sales in China fell sharply last year amid Beijing's strict lockdown measures," noted Victoria Scholar, head of investment at Interactive Investor.
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