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Adidas maintains dividend at 76 cents amid uncertain economic conditions

Adidas maintains dividend at 76 cents amid uncertain economic conditions
By Newsroom
Mar 13, 2024 1:45 PM

Adidas keeps its dividend at 76 cents, consistent with the previous year’s payout, signaling stability in shareholder returns amid uncertain economic conditions

According to a press release on Wednesday, German sportswear giant Adidas saw a net loss in 2023 of 58 million euros ($63.4 million) in 2023, down from a net profit of 254 million euros in 2022.

Sales totaled 21.4 billion euros last year, down by 4.8% yearly.

Although it posted a net loss, the company’s board proposed a dividend of 0.70 euros per share, unchanged from last year.

“Although by far not good enough, 2023 ended better than I had expected at the beginning of the year,” said Adidas CEO Bjorn Gulden. “Despite losing a lot of Yeezy revenue and a very conservative sell-in strategy, we managed to have flat revenues.”

Adidas cut ties with rapper Kanye West in October 2022, suspending sales of the highly profitable Yeezy sneaker line.

Gulden said 2024 would be a great year to showcase the brand with the Olympics, Paralympics, EURO 24, Copa, and other sports events.

“I look forward to celebrating live sport with a lot of fans. I think a lot of people all over the world look forward to sports parties! This will also support our business,” he said.

“We still have a lot of work to do, but I feel confident we are on the right track. We will bring Adidas back again. Give us some time, and we will again say – we got this!”

Source: AA

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Last Updated:  May 28, 2024 6:39 PM