Adidas’ third quarter currency-neutral revenues were up 1 per cent, while in euro terms, the company’s revenues declined 6 per cent to € 5.999 billion.

According to a statement from Adidas, sales from the second Yeezy product launch totaled almost 350 million . Consequently, currency-neutral revenues grew by 2 per cent for the quarter, eliminating the Yeezy revenues from both years.

In comparison to the same period last year, currency-neutral revenues in the first nine months were flat. Revenues dropped by 4 per cent to € 16.616 billion.

Adidas had previously predicted a mid-single-digit fall in currency-neutral revenues in 2023, but now it predicts a low-single-digit decline.

Commenting on the company’s financial performance, Adidas CEO Bjørn Gulden said, “Q3 was another quarter where we saw progress and where the results were better than expected.”

In the third quarter, accessories revenues decreased by 3 per cent while apparel sales fell by 6 per cent.

Despite double-digit growth in Greater China and Latin America, currency-neutral wholesale sales fell 2 per cent as a result of the company’s efforts to reduce high inventory levels. Direct-to-consumer (DTC) revenues increased by 5 per cent over the previous year, primarily due to a 10 per cent increase in Adidas’ own retail locations. The online store experienced a 1 per cent increase.