Annual Report 2023


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North America

Revenues in North America decreased 16% on a currency-neutral basis and 19% in euro terms to € 5,219 million (2022: € 6,404 million) as this market was particularly impacted by the company’s conservative sell-in strategy to reduce high inventory levels as well as by the significantly lower Yeezy sales. The currency-neutral decrease was driven by declines in both Performance and Lifestyle.

Net sales in North America


€ 5,219 million

North America at a glance1 € in millions









Change (currency-neutral)

Net sales









Gross margin








Segmental operating profit








Segmental operating margin









2022 figures adjusted due to a shift between the Latin and North America segments.

Gross margin in North America decreased 2.8 percentage points to 40.1% (2022: 42.9%). The significant negative impact from increased supply chain costs and higher discounting was only partly offset by better pricing and a more favorable business mix. Operating expenses were up 2% to € 1,872 million versus € 1,831 million in 2022, driven by a mid-single-digit increase in operating overheads. Operating expenses as a percentage of sales increased 7.3 percentage points to 35.9% (2022: 28.6%). Operating profit in North America decreased 72% to € 273 million from € 988 million in 2022. As a result of the lower gross margin and higher operating expenses as a percentage of sales, operating margin decreased 10.2 percentage points to 5.2% from 15.4% in 2022.

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