Adidas recently released preliminary performance data for 2023, reporting a 5 percent year-on-year decrease in sales to $26.21 billion (21.43 billion euros), with a gross profit margin of 47.5 percent. Operating profit plummeted by 60 percent to $327.36 million (268 million euros), falling far short of analysts' expectations. The group attributed the performance decline primarily to the suspension of Yeezy product sales and announced plans to sell the remaining Yeezy product inventory at cost in 2024. Following the financial report release, Adidas saw its stock price open with a sharp drop of over 7 percent, resulting in a current market value of $35.38 billion (29 billion euros).