Adidas has returned to profit after its first losses in 30 years

Sales of sporting goods manufacturer Adidas rose to 23.7 billion euros for 2024.

This allowed the company to return to profit after the failed year 2023.

Then the company ended the year with a net loss for the first time in 30 years. About it writes Tagesschau.

Adidas operating profit increased fivefold over the year to 1.3 billion euros.

Adidas shares were one of the favorites on Germany’s DAX exchange and rose 6.5%, more than in the previous three years combined.

The German manufacturer has focused on building on the trend for multicolored, retro-style shoes with three stripes to boost sales.

It also capitalized on the weaker results of rival Nike, Reuters specifies.

It is also noted that last year, Adidas settled a dispute with rapper Ye, formerly known as Kanye West.

In 2022, Adidas stopped selling Yeezy shoes after terminating its partnership with the rapper over his anti-Semitic remarks.

Adidas later received an order for 4 million pairs of unsold Yeezy sneakers, worth more than 508 million euros.

Video. Adidas ends partnership with Kanye West over antisemitic remarks.