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Adidas has released its third-quarter financial results, revealing a 7% year-on-year decline in sales, marking the biggest drop since the start of the year. This follows two consecutive quarters of negative growth, signaling ongoing challenges for the global sportswear giant. In addition to the revenue slump, several key executives from the Adidas China market have reportedly returned to their home countries, raising concerns about the brand's performance in one of its most important regions.
According to the report published on November 4, Adidas Group generated €2.888 billion in sales during the third quarter, down from €3.083 billion in the same period last year—an 8% decrease when adjusted for currency fluctuations. This marks the worst performance compared to the first and second quarters of this year. The first quarter saw sales at €2.577 billion, a 1.7% drop, while the second quarter recorded €2.457 billion, a 2.5% year-on-year decline.
The company also reported a 3.7% year-on-year drop in gross profit margin, falling to 45.3%. Adidas 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 the recent sales slowdown is partly due to store closures by major Chinese distributors. Belle and Daphne, which operate Adidas stores in China, have closed over 100 locations combined in the past year. This rapid reduction in physical retail presence has made it harder for the brand to recover sales growth.
While China and other Asian markets were once seen as bright spots during the global financial crisis, Adidas’ performance in Asia has worsened. Sales in the region fell 9% year-on-year in Q3, outpacing the European market’s 8% decline but lagging behind North America’s 11% drop. Only Latin America showed positive growth, up 19% year-on-year.
Meanwhile, the loss of key talent in the Chinese market has added to the challenges. In late 2008, the head of Reebok China moved to a domestic sports brand, and this year, an Adidas China sales executive joined another company at a senior level.
Looking ahead, Adidas is hoping to boost sales through the 2010 World Cup in South Africa, where football products remain a core part of its business. Despite the decline, the company reported an 8% reduction in inventory and a 12% drop in liabilities compared to the previous year. CEO Herbert Hainer expressed confidence in overcoming current challenges and navigating through difficult times.