- Adidas AG's revenue increased 6% last year to €22.5 billion, but net profit fell 83% to €254 million.
- In the fourth quarter, revenue growth almost ground to a halt and the company posted a €482 million loss.
- Adidas slashed its dividend by almost 80%.
- Adidas said that revenue would decline by a single-digit percentage amount in 2023.
- Adidas is facing a slump in China and a €6 billion mountain of unsold inventory.
- Adidas had originally forecast 20% revenue growth for the fourth quarter but reported only a 1% rise.
Adidas Slashes Dividend as Problems Mount
Sportswear giant is grappling with a slump in China, a mountain of unsold stock and the end of its Yeezy partnership with Kanye West
Trefor Moss
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