Adidas Says Q2 Underlying North America Sales Rise 

An Adidas sneaker is seen on display at the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. (Reuters)
An Adidas sneaker is seen on display at the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. (Reuters)
TT

Adidas Says Q2 Underlying North America Sales Rise 

An Adidas sneaker is seen on display at the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. (Reuters)
An Adidas sneaker is seen on display at the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. (Reuters)

Adidas said on Wednesday its second-quarter revenues in North America, excluding sales of the Yeezy line, increased from last year, driven by growth in both wholesale and its own retail.

Including Yeezy, the currency-neutral sales in North America - Adidas' second-biggest market behind Europe - fell by 8% to 1.3 billion euros ($1.51 billion) in the April to June period.

"The decline was solely related to the significantly smaller Yeezy business," the company said in a statement, without specifying how much the sales increased excluding the product line.

In a turnaround led by CEO Bjorn Gulden, Adidas has sought to clear remaining Yeezy stock after a bruising break-up with rapper Kanye West, who goes by Ye, while striving to boost its brand through its popular retro styles.

Its quarterly currency-neutral sales rose 19% in Europe to 1.9 billion euros, from 1.6 billion euros a year earlier.

Adidas had hiked its full-year guidance for the second time this year and reported preliminary second-quarter results above expectations in mid-July.



Armani Posts 'Single Digit' Sales Drop in 1st Half

FILE PHOTO: Designer Giorgio Armani appears at the end of his Haute Couture Fall/Winter 2024-2025 collection show for Giorgio Armani Prive in Paris, France, June 25, 2024. REUTERS/Yves Herman/File Photo
FILE PHOTO: Designer Giorgio Armani appears at the end of his Haute Couture Fall/Winter 2024-2025 collection show for Giorgio Armani Prive in Paris, France, June 25, 2024. REUTERS/Yves Herman/File Photo
TT

Armani Posts 'Single Digit' Sales Drop in 1st Half

FILE PHOTO: Designer Giorgio Armani appears at the end of his Haute Couture Fall/Winter 2024-2025 collection show for Giorgio Armani Prive in Paris, France, June 25, 2024. REUTERS/Yves Herman/File Photo
FILE PHOTO: Designer Giorgio Armani appears at the end of his Haute Couture Fall/Winter 2024-2025 collection show for Giorgio Armani Prive in Paris, France, June 25, 2024. REUTERS/Yves Herman/File Photo

Italian fashion house Giorgio Armani managed to keep its operating profit steady last year and grow net sales by 6% at constant currencies, despite a 'single-digit' slowdown in revenues in the second half which continued this year.
The weakening in sales observed through the first six months of 2024 reflects "an adjustment within the luxury market, especially in the Asia ex-Japan region and the more accessible segment of the offer," Reuters quoted Armani as saying in a statement.
Armani said the group had hiked retail prices only modestly, despite higher inflation driving up costs, because it remained focused on medium-term goals and would not use prices to inflate sales and margins in the meantime.
"We are well-prepared to manage a market slowdown without needing to maximize year-on-year profit at all costs," Giorgio Armani, who turned 90 earlier this month, said in statement.
"I remain steadfast in my belief that a focus on continuity and a pragmatic, consistent approach ... is the only way to navigate the challenges and uncertainties that characterize today's environment," Armani, who is chairman and chief executive of the group he founded, added.
Operating profit at the Milanese group, which makes more than half of its revenues in Europe, totaled 215 million euros.
The family-owned group posted net revenues of 2.45 billion euros ($2.65 billion) last year.