ADDYY - Adidas Kicks Off 2024 With Optimism: Targets Growth Amid Inventory And Currency Challenges | Benzinga
Adidas AG (OTC:ADDYY) reported a 2% decline in currency-neutral revenues for fourth-quarter FY23. In euro terms, revenues declined 8% to €4.812 billion in the quarter, including the negative translation impact of around €300 million from unfavorable currency movements.
Also the lack of any Yeezy business weighed on the year-over-year comparison in an amount of around €100 million.
Despite the significant Yeezy impact, currency-neutral footwear sales were up 8% in the fourth quarter driven by strong double-digit growth in Originals and Skateboarding.