Adidas revenue down 1%

Adidas reported Q1 revenue of;$5.8B;(€5.27B), down;1% YoY. The firm beat expectations despite facing an inventory surplus after ending its partnership with U.S. rapper Ye. Currency-neutral sales in North America fell by 20% from last year. Sales decreased by 9% in Greater China but rose by 4% in the;EMEA region. Adidas posted an operating profit of€60M, and its gross margin fell to;44.8%. CEO Bjorn Gulden noted that the company faced difficulties due to discontinuing the Yeezy shoe line. Adidas;terminated its Yeezy partnership;with Ye in October 2022, shortly after the rapper made antisemitic comments.