After a rough few years of disappointing numbers and ruptured partnerships, Adidas reported it’s sales were finally on their way back up.
But analysts hesitate to say if the shoemaker is out of the woods yet…
Adidas Sales On The Rise
In 2022, when Adidas split from its partnership with Kanye West’s shoe line, Yeezy…
The company’s outlook was not so great…
In fact, after the split, the shoemaker reported some of its biggest losses in years, sending Adidas sales plummeting.
It was projected that in 2022 the only place where Adidas would not continue to grow was in the United States and that because of the fiasco with Ye…
The company’s recovery would be delayed between six and eight months.
FAST FORWARD TO 2024 AND ADIDAS IS HAPPY TO REPORT THAT ITS SALES HAVE BEEN EVEN BETTER THAN EXPECTED.
So far, Adidas executives have had to upgrade their sales expectations for the year to be higher than before. Revenue grew 9% this year and the company expects $1.09 billion in operating profit…
But the real kicker is that Adidas sales went up despite the company keeping their promotional activity down.
It could have something to do with the trendy status of Adidas Sambas becoming “the shoe of the summer” as decreed by TikTok.
The Adidas Samba has exploded online leading to the shoe being sold out in stores and online. Fashion-forward fans of the sneaker have been running to get their hands on a pair (or two or three).
Adidas’ Next Steps
In the end, Adidas might have to thank social media for the company’s uptick in sales.
It also goes to show that when you run a company as successful as this one…
Things like a broken business partnership won’t be enough to take you down.
Be Great,
GCTV Staff
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