Despite declines in revenues, Adidas still beat market expectations, due to the sale of products from its canceled collaboration with Kanye West.
, who helped design the Yeezy products, last October. This left a significant hole in its earnings – sector experts have suggested the collaboration could have been making Adidas as much as around 40 percent of the company’s annual profits due to the line’s favorable pricing.
The apparel market for sportswear continues to be overstocked, the company explained in a statement, adding that it was pursuing a conservative strategy in this area as a result. In what it calls its lifestyle category, sales also fell, Adidas reported. Performance categories – that is, the clothing and gear used for sports, rather than streetwear – had “positive momentum,” the statement noted.
In North America, the decrease was more significant, with sales there falling 16 percent to 1.4 billion euros. Over the same period last year, Adidas had made 1.7 billion euros in North America.
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