UA - Sportswear Brands Go To The Olympics In 2024: Paris Games To Showcase New Brands | Benzinga
Adidas (OTC:ADDDF), the German sportswear maker, has had an uneasy 2023 — dropping the top-selling Yeezy brand following anti-semitic remarks by its curator Kanye West, which cost the company around $1.3 billion in sales.
But it’s on the turnaround. Third-quarter results on Friday were better than expected and CEO Bjorn Gulden made all the right sounds of a company focusing back on sport rather than celebrity.
And, despite the contrition and the “our current performance is not good enough” rhetoric, the shares are on a roll, up 50% this year. Great for any shareholders getting in at the beginning of the year. The shares are, however, down 74% from their July 2022 peak.
This is a similar story to that of the world’s biggest sportswear maker Nike (NYSE:NKE). Riding high at a record $179 in November 2021, its shares currently trade 36% lower at $114.83.
Also Read: Nike Has ‘Stronger Revenue Growth Ahead,’ Says Bullish Goldman Sachs