Sports group adidas has reported revenues of €16.6 billion for the first nine months of 2023, a decline of 4% compared to the same period last year. Report by Footwearbiz.

Its sales in Europe were almost €6.4 billion, down by 1.6% year on year. The figure for North America for the January-September 2023 period was just over €4 billion, a steeper fall of 16.5% year on year.

In China, adidas earned revenues of €2.5 billion over the nine-month period, down by 5.2%.

The group achieved increases in the rest of Asia, where sales were up by 3% to almost €1.7 billion, and in Latin America, where there was an increase of 16% to €1.8 billion.

Commenting on the results, chief executive, Bjørn Gulden, said: “We of course know that our current performance is not good enough, but we have said from the beginning that we need time to build this fantastic brand and company back to where it belongs: at the top, as the best sports brand in the world. I feel we are improving every day.”