Trending: Adidas Slashes Dividend as 2022 Net Profit Plummets
08 Marzo 2023 - 5:28PM
Dow Jones News
1557 GMT - Adidas AG is among the most mentioned companies
across news items over the past 12 hours, according to Factiva
data, after it said that its 2022 net profit fell 83% and cut its
dividend, as it prepares for a transition 2023. The German
sporting-goods company said its net income from continuing
operations fell to EUR254 million in 2022 compared with EUR1.49
billion in 2021, partly due to one-off costs of EUR350 million,
which includes the company's winding down of its business in
Russia. On the back of the declining results, the company said it
will propose a dividend of EUR0.70 a share, down from EUR3.30 a
year prior. In 2023, the company expects an operating loss of
EUR700 million, in case it decides to write off its remaining stock
of the Yeezy label owned by rapper Kanye West. The loss also
includes EUR200 million in strategic one-off costs as the company
looks to turn things around. "We need to reduce inventories and
lower discounts. We can then start to build a profitable business
again in 2024," Chief Executive Bjorn Gulden said. Dow Jones &
Co. owns Factiva. (christian.moess@wsj.com)
(END) Dow Jones Newswires
March 08, 2023 11:13 ET (16:13 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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