ADDYY - Sharp Inventory Reduction Pushes Adidas Revenue; Gets €350M Boost From Yeezy Sales | Benzinga
Adidas AG (OTC: ADDYY) reported a 1% increase in currency-neutral revenues for the third quarter of FY23 to € 5.999 billion, driven by growth in all regions except North America. In euro terms, the company's revenues declined 6%.
The second product drop of Yeezy inventory generated revenues of around € 350 million in Q3, somewhat below the Yeezy sales generated in the prior year's quarter. As a result, excluding the Yeezy revenues in both years, currency-neutral revenues increased 2% during the quarter.
The revenue reflects the company's conservative sell-in approach aimed at reducing high inventory levels, improved sell-through and focus on full-price sales across own channels.
Footwear revenues grew 6% on ...