Adidas maintains dividend at 76 cents amid uncertain economic conditions
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
