Another Positive Financial Report for adidas But Sources Say Jobs Will Be Cut

Financials results for the 2024 year are starting to trickle in, including and . Among these was the prelim report for German sportswear behemoth adidas. In it, they listed better than expected results for the fourth quarter with a 19 per cent increase from the same period last year to hit a total of €5.95 billion. This follows a particularly successful year, especially considering the economic challenges they faced after the loss of the Yeezy partnership. As for the full year, revenue was up 12 per cent in currency-neutral terms, rounding out the twelve months at €23.68 billion.

Despite the consistent and positive growth they have witnessed this year, it has been revealed that adidas will be looking to cut up to 500 jobs from their headquarters in Germany. Representatives who reached out to Footwear News reported that these cuts were not an attempt to cut costs, but will instead look at ‘reducing complexity and ensure sustainable success in the future’. This aligns with CEO Bjørn Gulden’s overall strategy to spread the business’s core operations across multiple places in global markets rather than have it centralised in the Herzogenauarch HQ.

The formal report is not due until March, so stay locked to get the full breakdown when they release. In the meantime, check out .