In euro terms, revenues declined by 6% in the period to €5.99 billion. Footwear revenues had currency-neutral growth of 6% in the quarter, while apparel sales declined by 6% and accessories were down by 3%.

The company achieved currency-neutral sales growth in all of its markets around the world in the third quarter, with the exception of North America, which declined by 9%.

Revenues in Greater China were up by 6% year-on-year, driven by wholesale growth, while EMEA was up by 2%. The Asia-Pacific region was up by 7% in the period and Latin America increased by 13% year-on-year.

The gross margin for the quarter was up to 49.3%, while operating profit was €409 million with a margin of 6.8%. The net income from continuing operations result was €270 million.

In the first nine months of 2023 as a whole, currency-neutral revenues were flat, while revenues declined by 4% in euro terms to €16.62 billion. Net income from continuing operations for the year so far was €343 million.

Looking forward, Adidas expects currency-neutral revenues to decline at a low single-digit rate in the full 2023 fiscal year.

Adidas CEO Bjørn Gulden said: “In Q4, we will continue to focus on our priorities and lay the foundation for an improving 2024 and a successful 2025 and 2026. This year, we improved our outlook every quarter and are now looking at currency-neutral revenues to be down only low single digits (started the year with down high single digits) and a small operating loss of €100 million, including a possible €300 million write-off of the remaining Yeezy inventory and one-off costs of €200 million related to the strategic review. We started the year with a negative outlook of an operating loss of €700 million.”