Adidas AG reported on Wednesday that its net sales in the fourth quarter of 2022 amounted to €5.2 billion, rising 1% compared to the same period in 2021 but missing estimates.
IFRS net loss attributable to shareholders landed at €512 million, worsening from a net income of €202 million posted in the fourth quarter of the previous year, while net loss from continuing operations stood at €482 million. Diluted loss per share from continuing operations hit €2.69, while diluted loss per share from continuing and discontinued operations amoounted to €2.87.
For full fiscal 2022, net sales jumped 6% to €22.5 billion, while earnings per share (EPS) from continuing operations tumbled 83% to €1.25. "2023 will be a transition year to build the base for 2024 and 2025," CEO Bjorn Gulden stated. "We need to reduce inventories and lower discounts. We can then start to build a profitable business again in 2024," he added.
