Adidas posts first loss in 30 years and forecasts underwhelming outlook

Chief executive said clearing stock through its outlet stores helped Adidas bring inventories down by €1.5bn in 2023, a 24% decline

Adidas has been battling to right itself after it cut ties with Kanye West in October 2022, suspending sales of the highly profitable Yeezy trainer line. Picture: Evan Agostini/Invision/AP

German sportswear giant Adidas posted its first annual loss in more than 30 years on and warned sales in North America would fall again as sportswear retailers in the US struggle with high inventories.

Adidas has been battling to right itself after it cut ties with Kanye West in October 2022, suspending sales of the highly profitable Yeezy trainer line.