MOSCOW (Pakistan Point News / Sputnik - 09th November, 2022) German sportswear giant Adidas' net income attributable to shareholders fell 41.3% to 1.12 billion Euros ($1.13 billion) in the period from January to September year-on-year, the company's financial report showed on Wednesday.
Sales grew by 7.5% to 17.3 billion during the same period, while earnings per share decreased by 38.1% to 6.08 euro compared to 9.83 euro in 2021.
In the third quarter alone, the company's net income attributable to shareholders dropped 2.8 times to 347 million euros. Quarterly sales increased by 11.4% year-on-year and amounted to 6.4 billion euros. Weighted-average diluted shares totaled 1.91 euro compared to 4.94 euro in 2021.
Meanwhile, third quarter sales increased in the region of EMEA (Europe, the middle East, Africa) by 9.6%, in North America by 25.4%, in Asia Pacific by 15.1% and in Latin America by 56.4%. However, sales in China fell 18.9% year-on-year.
In October, Adidas had reduced its full year guidance as a result of, among other things, termination of partnership with US rapper Ye, formerly known as Kanye West, over anti-Semitic statements and actions that violate the company's values. Adidas noted that this decision would have a short-term negative impact of up to 250 million euros on the company's 2022 net income.
At the same time, Adidas has appointed Bjorn Gulden, the head of rival sportswear brand Puma, as the new chief executive officer to overcome the crisis, effective January 1, 2023.
