#Retail & Brands

2023-07-27

adidas announces preliminary second quarter results and updates full year guidance

adidas today announced preliminary results for the second quarter of 2023. In Q2, currency-neutral revenues were flat versus the prior year level. In euro terms, the company’s revenues declined 5% to € 5.343 billion (2022: € 5.596 billion). The company’s gross margin was up 0.6 percentage points to 50.9% during the quarter (2022: 50.3%). Operating profit reached € 176 million in Q2 (2022: € 392 million), reflecting an operating margin of 3.3% (2022: 7.0%).

The company’s top- and bottom-line development in the quarter was positively impacted by the first sale of some of its Yeezy inventory as announced at the end of May. In addition, the underlying adidas business also developed slightly better than expected.

Consequently, the company has updated its full year guidance. adidas now expects currency-neutral revenues to decline at a mid-single-digit rate in 2023 (previously: decline at a high-single-digit rate). At the same time, the company’s underlying operating profit – excluding any one-offs related to Yeezy and the ongoing strategic review – is still anticipated to be around the break-even level.

Including the positive impact from the first Yeezy drop, the potential write-off of the remaining Yeezy inventory of now € 400 million (previously: € 500 million) and one-off costs related to the strategic review of up to € 200 million (unchanged), the company now expects to report an operating loss of € 450 million in 2023 (previously: loss of € 700 million).

If successful, potential future Yeezy drops would further improve the company’s results.

textile.4U publishes special edition “Top 100 Textile Recycling Companies 2025”

With a comprehensive 176-page special edition, textile.4U is dedicating its latest issue entirely to one of the most dynamic and influential topics in today’s textile industry: textile recycling. The new issue, published exclusively in high-quality print, presents the Top 100 textile recycling companies researched and selected by TexData – organizations that already play a key role in the transition to circular textiles or are expected to have a significant impact in the near future.

Responsible Textile Recovery Act of 2024 signed by Governor

Senator Josh Newman (D-Fullerton) is proud to announce that Senate Bill 707 (SB 707), the Responsible Textile Recovery Act of 2024, has been signed into law by the Governor of California, Gavin Newsom. This groundbreaking legislation establishes the country’s first Extended Producer Responsibility (EPR) textile recycling program, marking a significant step forward in the state’s efforts to combat waste and promote sustainability.

Modtissimo promotes sustainability with 28 coordinates in the Green Circle

Modtissimo is proving more and more to be a textile and clothing show that delivers the latest innovations in the area of sustainability, with the iTechStyle Green Circle being the main showcase for companies' creations. In this 60+4 edition, taking place on 12 and 13 September, 28 coordinates will be exhibited in a section organised by CITEVE and curated by Paulo Gomes.

The EU and Egypt team up to mobilise private sector investments at Investment Conference and sign a Memorandum of Understanding underpinning €1 billion in macro-financial assistance for Egypt

At the EU-Egypt Investment Conference, co-organised by the EU and the Government of Egypt on 29-30 June, the EU and Egypt are teaming up to intensify private sector investments in Egypt. They are also signing a Memorandum of Understanding (MoU) for the disbursement to Egypt of up to €1 billion in Macro-Financial Assistance.

Recover™ secures multi-year recycled cotton agreement with H&M

Recover™ has signed a multi-year agreement with H&M to support the integration of its recycled cotton fiber, RCotton, for use in H&M’s products. Since early 2024, H&M and Recover™ have collaborated on product development, which now enables scaled commercial introduction of Recover™ mechanically recycled cotton into H&M’s collections.

GORE-TEX® KIDSWEAR launches innovative membership scheme for kids’ jackets

With its revolutionary new membership model, GORE-TEX® Kidswear now offers families a simple, flexible and sustainable way of kitting out their children in top-quality jackets. It is aimed at the parents of children aged between five and ten and kicks off with a choice of functional winter jackets.

SHIMA SEIKI returns to ShanghaiTex

Leading flat knitting solutions provider SHIMA SEIKI MFG., LTD. of Wakayama, Japan, together with its Hong Kong and Chinese market subsidiary SHIMA SEIKI (HONG KONG) LTD., will exhibit at the ShanghaiTex 2025 exhibition (Booth No.: Hall N3, Booth A20) held in Shanghai, China this month. This marks the return of SHIMA SEIKI to ShanghaiTex after a 14-year hiatus, its last exhibit at the show having been in 2011.

Fraunhofer CCPE presents the “Monomaterial Design Set” – Innovative solutions for circular product design

Composite materials made from different types of plastic often extend the lifetime of products but make recycling more difficult in the circular economy. That is why Fraunhofer CCPE has developed the “Monomaterial Design Set”. This new approach helps to reduce the variety of plastics used in durable products and offers circular solutions for designers and product developers.

arena introduces renewable LYCRA® EcoMade fiber in its latest swimwear collection

Italian swimwear specialist arena has unveiled a new collection that brings sustainability and performance even closer together. Launched on December 4, the line features swimsuits made from recycled nylon and renewable LYCRA® EcoMade fiber — the first time the bio-based spandex has been used commercially in swimwear.