Annual Report 2023


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adidas has divided its operating activities into the following segments: EMEA, North America, Greater China, Asia-Pacific, and Latin America.


In 2023, sales in EMEA were flat on a currency-neutral basis and decreased 4% in euro terms to € 8,235 million from € 8,550 million in 2022. The currency-neutral development was driven by a low-single-digit increase in Performance, driven in particular by high-single-digit growth in Football. At the same time, Lifestyle revenues decreased at a low-single-digit rate, reflecting the significantly lower Yeezy sales.

Net sales in EMEA


€ 8,235 million

EMEA at a glance € in millions









Change (currency-neutral)

Net sales









Gross margin








Segmental operating profit








Segmental operating margin








Gross margin in EMEA decreased 4.1 percentage points to 46.4% from 50.5% in 2022. Unfavorable currency developments, significantly higher supply chain costs and the negative impact from higher discounting weighed on the margin development. This was only partly offset by better pricing and a slightly more favorable business mix. Operating expenses were down 5% to € 2,562 million versus € 2,683 million in 2022, driven by a mid-single-digit decrease in operating overheads. As a percentage of sales, operating expenses were down 0.3 percentage points to 31.1% (2022: 31.4%). Operating profit in EMEA decreased 24% to € 1,280 million versus € 1,679 million in the prior year. As a result of the lower gross margin, operating margin was down 4.1 percentage points to 15.5% (2022: 19.6%).

How did the 2023 financial year go?

More on Business Performance
Lifestyle category
Under the ‘Lifestyle’ category, we subsume all footwear, apparel, and ‘accessories and gear’ products that are born from sport and worn for style. ‘adidas Originals,’ which is inspired by sport and worn on the street, is at the heart of the ‘Lifestyle’ category.
Operating overhead expenses
Expenses that are not directly attributable to the products or services sold, such as distribution and selling as well as general and administration costs, but not including marketing and point-of-sale expenses.
Performance category
Under the ‘Performance’ category, we subsume all footwear, apparel, and ‘accessories and gear’ products that are of a more technical nature, built for sport and worn for sport. These are, among others, products from our most important sport categories: Football, Training, Running, and Outdoor.
This Group Management Report is a combined management report. It contains the Group Management Report of the adidas Group and the Management Report of adidas AG.
The Declaration on Corporate Governance is part of the Annual Report.
Declaration on Corporate Governance