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Women Sweater,Ladies Sweater,Knit Sweater,Long Sweater Jiangyin Minglang Textile Co., Ltd , https://www.jymltextile.com
Adidas' most recent quarterly financial report reveals a 7% year-on-year decline in sales for the third quarter, marking its steepest drop since the start of the year and following two consecutive quarters of negative growth. This downturn has also led to the departure of several key executives from the Adidas China market, raising concerns about the brand’s performance in one of its most important regions.
According to the report released on November 4, Adidas Group generated €2.888 billion in sales during the third quarter, a 7% decrease compared to the same period last year. Excluding the impact of currency fluctuations, this figure was still down from €3.083 billion in the previous year's third quarter. The decline is more severe than the drops seen in the first and second quarters of this year, when sales fell by 1.7% and 2.5%, respectively.
In addition to the revenue shortfall, Adidas’ gross profit margin dropped by 3.7% year-on-year to 45.3%. The company attributed this decline to factors such as increased clearance activities, rising raw material costs, and foreign exchange depreciation—particularly the devaluation of the Russian ruble.
Industry analysts suggest that part of the problem stems from store closures over the past year. In China, major retailers like Belle and Daphne have shut down numerous Adidas locations. Belle reportedly closed around 50 stores, while Daphne closed between 20 and 30. These closures have made it harder for Adidas to regain momentum in the market.
Despite being considered a bright spot in the global sports industry, the Asian market—including China and Japan—saw a 9% year-on-year sales decline in the third quarter. This was only slightly better than the 11% drop in North America and worse than the 8% reduction in Europe. The only positive result came from Latin America, where sales rose by 19%.
The loss of key personnel in China has also added to the challenges. In late 2008, the head of Reebok in China moved to a local sports brand. More recently, a senior sales executive from Adidas China left for a similar role at another company.
Looking ahead, Adidas is pinning its hopes on the 2010 FIFA World Cup in South Africa, as football-related products are a core part of its business. While sales remain under pressure, inventory levels dropped by 8% year-on-year, and liabilities fell by 12%. CEO Herbert Hainer remains optimistic, stating that the company will overcome its current challenges and emerge stronger.