Adidas UK annual sales decline 4.3 percent

Adidas UK Limited recorded a sales decline of 4.3 percent to 1.29 billion pounds for the year to December 31, 2022 compared to a strong 23.6 percent increase in 2021.

The company said in a filing with the Companies House that the sales consisted of decrease in wholesales sales of 37.9 million pounds and increase of 19.4 million pounds in retail stores, increase of 17.1 million pounds in ecommerce sales.

The annual results also included a reduction of 54 million pounds in turnover reported from sales of Reebok products following disposal of this brand on February 28, 2022.

Pre-tax profit for the year decreased by 5 percent to 37.4 million pounds driven by lower revenue figures and net profit dropped to 31.1 million pounds.

Gross profit increased to 296.3 million pounds, while gross profit margin increased to 24 percent and operating profit margin to 3.3 percent.