adidas (ADDYY.PK,ADDDF.PK) reported a fourth-quarter net loss from continuing operations of 482 million euros including one-off costs of around 50 million euros mainly related to restructuring costs compared to net income from continuing operations of 123 million euros, prior year. Loss per share from continuing operations was 2.69 euros compared to profit of 0.58 euros. adidas recorded an operating loss of 724 million euros compared to operating profit of 66 million euros, prior year. Total adidas revenues increased 1% to 5.20 billion euros. Currency-neutral revenues in the fourth quarter declined 1%.
Fiscal 2022 operating profit decreased 66% to 669 million euros. This included one-off costs of 312 million euros, for the period. Profit per share from continuing operations declined to 1.25 euros from 7.47 euros. Revenues increased 6% to 22.51 billion euros. Currency-neutral sales grow 1%, for the fiscal year.
In 2023, adidas expects currency-neutral revenues to decline at a high-single-digit rate. Underlying operating profit is projected to be around the break-even level in 2023. The company expects to report an operating loss of 700 million euros in 2023 including additional negative impact of 500 million euros from potential Yeezy inventory write-off and up to 200 million euros one-off costs.
"2023 will be a transition year to build the base for 2024 and 2025," said Gulden, CEO of adidas.
The adidas Executive and Supervisory Boards will recommend paying a dividend of 0.70 euros per dividend-entitled share.
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