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adidas Publishes Fiscal Q1’23 Financial Report

Currency-neutral revenues flat versus the prior year despite adverse Yeezy impact Gross margin down 5.1pp to 44.8% due to higher supply chain costs, increased discounting, inventory allowances, adverse Yeezy impact and negative FX movements Operating profit reaches €60 million Inventory position improves sequentially to €5.7 billion, up 25% versus the prior year Full year outlook confirmed adidas CEO Bjørn Gulden commented: “Q1 ended a little better than we had expected with flattish…