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Adidas designs, develops, produces, and markets athletic and leisure apparel, footwear, accessories, and sports equipment. Under its eponymous brand, it produces apparel for competitive athletics, casual activewear, and casual fashion. Adidas sells its products in more than 160 countries through about 1,900 owned retail stores, 15,000 mono-branded franchise stores, 150,000 wholesale doors, and owned e-commerce that is available in 67 countries. The company was founded in 1949 in Germany.

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The 2<a href="https://europeancapitalinsights.substack.com/p/fifa-club-world-cup-draws-1b-prize?r=3nmatg">025 FIFA Club World Cup</a> distributed a record-breaking $1 billion prize pool to participating football clubs, as sporting franchises and corporations seek to leverage global competitions to drive revenue growth and enhance their brand.
<a href="https://x.com/eurocapinsights/status/1945825014114136118">England's Chelsea FC defeated </a>Paris Saint-Germain 3-0 in the final at MetLife Stadium in New Jersey during the 32-team competition in the US. President Donald J Trump attended the final at MetLife Stadium in East Rutherford.
The team made an <a target="_blank" rel="noreferrer noopener" href="https://www.dazn.com/en-US/news/soccer/chelsea-how-much-have-they-earned-at-fifa-club-world-cup/d5up0bm6avyk1qqvtx2krr1zg">estimated $153 million</a>, the largest single-tournament payout in the history of club football. The tournament, which featured a group stage and knockout rounds, included $475 million tied to sporting performance and $525 million awarded based on participation.
Europe's clubs received between $12.81 million and $38.19 million in base participation funds, while clubs from South America earned $15.21 million each, and those from Asia, Africa, and North America received $9.55 million. Oceania's sole representative, Auckland City, <a target="_blank" rel="noreferrer noopener" href="https://www.beinsports.com/en-us/soccer/fifa-club-world-cup/articles-video/the-fortune-auckland-city-takes-home-from-the-club-world-cup-2025-06-25">earned $3.58 million</a>.
International sporting events, such as FIFA's Club World Cup, have become a vital source of revenue for participants, sponsors, and corporations. The global sports market will grow from $484.9 billion in 2023 to $651 billion by 2028, at a compound annual growth rate (CAGR) of 6.1%, according to data from <a href="https://finance.yahoo.com/news/sports-market-opportunities-strategies-2033-081600019.html?guccounter=1" target="_blank" rel="noreferrer noopener">Research and Markets</a>.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/$s_!L1v0!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac3728b5-bf77-4621-bc2a-2468079467ee_742x492.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/$s_!L1v0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac3728b5-bf77-4621-bc2a-2468079467ee_742x492.png" alt="" title="" /></a></figure>
"Going forward, rise in sports tourism, rise in e-commerce platforms, rising disposable income and increase in globalization of sports will drive the growth," it said in May last year.
<h3 class="wp-block-heading">FIFA Club Cup Adds $9.6B to US Economy</h3>
The FIFA Club World Cup, for example, has potentially generated as much as $21.1 billion in global GDP, with $9.6 billion of that in the US alone, according to <a target="_blank" rel="noreferrer noopener" href="https://www.fifa.com/en/tournaments/mens/club-world-cup/usa-2025/organisation/off-the-pitch/impact">FIFA</a>.
The tournament drew over 3.7 million attendees to 11 US cities, created more than 105,000 jobs, and unlocked $3.36 billion in social benefits, according to studies by OpenEconomics. Although the Club World Cup is smaller in scale, its economic impact per match and team is unparalleled.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/$s_!9uVj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe1f57a5-a30b-4b34-8d37-20321558a675_1600x848.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/$s_!9uVj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe1f57a5-a30b-4b34-8d37-20321558a675_1600x848.png" alt="" title="" /></a><figcaption class="wp-element-caption">World Cup 2026 Impact, Source: <a target="_blank" rel="noreferrer noopener" href="https://www.insideworldfootball.com/2025/04/09/160916/">OpenEconomics / Inside World Football</a></figcaption></figure>
In comparison, the 2026 FIFA World Cup co-hosted by the US, Canada, and Mexico may generate <a href="https://inside.fifa.com/organisation/media-releases/fifa-wto-study-estimates-usd-47-billion-economic-output-from-fifa-club-world" target="_blank" rel="noreferrer noopener">$40.9 billion in global GDP</a>. Of that amount, the US could receive as much as $17.2 billion, resulting in the addition of 185,000 jobs to the economy.
&#8220;48 national teams will compete in 78 matches RIGHT HERE IN THE USA," President Trump <a target="_blank" rel="noreferrer noopener" href="https://x.com/WhiteHouse/status/1919859966980014091">said </a>in May. "These events will also generate tens of billions of dollars in economic activity&#8230; and create thousands and thousands of jobs for American workers.&#8221;
<h2 class="wp-block-heading">Hotels, Merchandise Suppliers Will Benefit from World Cup</h2>
Hotels, beverage suppliers, and merchandise suppliers stand to benefit from the World Cup next year. Hotel chains Marriott International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>) and Hilton Hotels (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>) both have a significant presence in 16 cities hosting the tournament.
Anheuser-Busch InBev SA/NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUD#NYSE">BUD</a>) is an official beer partner. This will likely boost its brand through enhanced visibility and sales opportunities at venues. Diageo Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEO#NYSE">DEO</a>) and The Coca-Cola Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) are also likely to benefit.
Coca-Cola is a key component of the S&amp;P 500 Consumer Staples Index, which is up 7.35% year-to-date. The index is slightly outperforming the broad market, as the S&amp;P 500 is up 6.73%.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/$s_!Ngd7!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff835018b-0f72-4582-a1a9-8252954efa79_1410x816.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/$s_!Ngd7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff835018b-0f72-4582-a1a9-8252954efa79_1410x816.png" alt="" title="" /></a><figcaption class="wp-element-caption">S&amp;P Consumer Staples 1-year chart, Source: TradingView</figcaption></figure>
FIFA's <a target="_blank" rel="noreferrer noopener" href="https://retailwire.com/discussion/fifa-world-cup-2026-marketers/">top-tier partners</a> for the 2026 World Cup are Saudi Aramco, Hyundai Motor Co., Kia Corp., Lenovo Group Ltd, Qatar Airways Co., and Visa Inc. Other sponsors include Bank of America Corp., McDonald's Corp., Inner Mongolia Mengniu Dairy Co., Ltd., Unilever PLC, and Verizon Communications Inc.
Meanwhile, Adidas AG (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ADDDF#OTCQX">ADDDF</a>) has an advantage in the merchandise category.
As a long-standing FIFA partner, the company holds broad licensing and marketing rights until 2030. While the football jersey market was valued at<a target="_blank" rel="noreferrer noopener" href="https://www.marketreportsworld.com/market-reports/football-kits-market-14715817"> $7.62 billion</a> in 2024, tournaments have the potential to drive sales<a target="_blank" rel="noreferrer noopener" href="https://www.adidas-group.com/en/media/press-releases/adidas-delivers-record-results-in-2018"> as high as 40%.</a>
<h2 class="wp-block-heading">Chelsea Profits Big, But Faces Financial Sanctions</h2>
Chelsea, which started the tournament with a $37.7 million participation fee, earned an additional $4 million for two group stage wins, and then collected $7.5 million for reaching the round of 16.
They made $13 million for quarterfinals before collecting $21 million in the semifinals. The finalist&#8217;s bonus was $30 million, topped by the winner&#8217;s bonus of $40 million.
Club World Cup success gave Chelsea a significant boost in transfer flexibility. The winnings will help cover much of their $252 million summer spending. However, the team will need to consider a significant fine. 
UEFA <a target="_blank" rel="noreferrer noopener" href="https://www.bbc.com/sport/football/articles/c1lj8zr12gdo">fined the club</a> up to $78.5 million for breaching its Financial Sustainability Regulations. The fines included $26.7 million in unconditional penalties and up to $51.8 million in conditional fines.
<h2 class="wp-block-heading">UEFA Clamps Down on Financial Irresponsibility</h2>
UEFA stated that Chelsea's squad cost ratio was between 80% and 90%. This is well above the permitted 70% threshold for 2024.
"The CFCB First Chamber found that Aston Villa, Chelsea, Barcelona, Lyon, and others breached the squad cost rule," UEFA said in a<a target="_blank" rel="noreferrer noopener" href="https://www.uefa.com/news-media/news/029b-1e280e8c0d89-0a2f9801ea14-1000--cfcb-first-chamber-finalises-the-assessment-of-the-financial/"> statement</a>. All clubs agreed to settlement agreements, which include fines and restrictions on registering new players."
Chelsea acknowledged the violations in a <a target="_blank" rel="noreferrer noopener" href="https://www.chelseafc.com/en/news/article/chelsea-fc-enters-into-settlement-agreement-with-uefa">statement</a>.
"The club has worked closely and transparently with UEFA to provide a full and detailed breakdown of its financial reporting," it said.
<h2 class="wp-block-heading">Auckland City Wins Big On A Small Budget</h2>
While Chelsea walked away with the most considerable sum, part-time club Auckland City emerged as the biggest winner in relative terms. Despite a <a target="_blank" rel="noreferrer noopener" href="https://www.stuff.co.nz/sport/360725990/fifa-farce-how-international-media-reacted-auckland-citys-record-10-0-club-world-cup-defeat-bayern">record 10-0 defeat</a> to Germany's Bayern Munich, the New Zealand club earned $3.58 million, over seven times their estimated 2024 revenue of $488,000.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/$s_!WpaF!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fa186ba-4ca2-4d27-9f0a-965fdf69084d_961x650.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/$s_!WpaF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7fa186ba-4ca2-4d27-9f0a-965fdf69084d_961x650.png" alt="" title="" /></a><figcaption class="wp-element-caption">Percentage of revenue earned per club, Source: <a target="_blank" rel="noreferrer noopener" href="https://www.bbc.com/sport/football/articles/c15w05pevzvo">BBC</a></figcaption></figure>
"They have earned so much money that it's difficult to see anybody being able to compete with them if they invest in the playing squad," Football finance analyst Kieran Maguire said. "It's good for them, but not necessarily good for the league."
<h2 class="wp-block-heading">UEFA Imposes Financial Fair Play in 2025</h2>
The <a target="_blank" rel="noreferrer noopener" href="https://www.uefa.com/running-competitions/integrity/financial-sustainability/">UEFA Financial Sustainability Regulations</a>, which entirely replaced the former Financial Fair Play rules in the 2025-26 season, impose a strict limit. Clubs may spend no more than 70% of their revenue on player and coach wages, transfers, and agent fees.
Phased in 2023, the regulation also permits a maximum loss of $65 million over three years, extendable to $87 million if covered by ownership injection.
Clubs that breach these limits face escalating penalties, including fines, restrictions on registering new players, and in severe cases, exclusion from European competition.
The new framework also mandates fair market valuation of transactions and strict payment deadlines to ensure financial transparency and discipline.
Disclaimer:
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.&nbsp;
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

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FIFA Club World Cup Could Generate $21.1B In Global GDP

<a href="https://www.bloomberg.com/news/articles/2024-12-10/adidas-headquarters-raided-in-years-long-tax-investigation?srnd=homepage-europe" title="https://www.bloomberg.com/news/articles/2024-12-10/adidas-headquarters-raided-in-years-long-tax-investigation?srnd=homepage-europe">https://www.bloomberg.com/news/articles/2024-12-10/adidas-headquarters-raided-in-years-long-tax-investigation?srnd=homepage-europe</a>

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'Adidas Headquarters Raided In Years-Long Tax Investigation' - Bloomberg News

Nike (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) shares fell after the Q1 report, which opened an opportunity for investors. The fall is due to numerous factors, including weaker-than-expected results, revoked guidance, and a CEO transition that is ultimately expected to turn the company around. The takeaway is that Nike faces headwinds and has a long road to recovery, but market support remains firm, and recovery is expected. The question is if now is the right time to buy or if the stock will make a deeper correction before the rebound begins.
The analysts are trimming targets but have yet to make any downgrades. The 19 MarketBeat tracks have the stock pegged at a Moderate Buy and trading near a floor in the low $70s. With this dynamic in play, the market will likely bottom soon and begin to rebuild the base. The critical drivers for the action going forward will be a recovery in wholesales and product innovation, the primary reasons for the company&#39;s weakness today. Nike&#39;s leaning into direct-to-consumer sales eroded wholesaler support, exacerbating market share losses related to innovation.&nbsp;
Nike did not make any significant product innovations for years until 2024, losing market share to start-ups like On Holdings (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/onon#NYSE">ONON</a>) and legacy shoemakers like Adidas (OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>) and Deckers Outdoors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/deck#NYSE">DECK</a>). On Holdings is growing at an industry-leading double-digit pace while Nike flounders in contraction. Even so, the new Nike pipeline depends on updates to existing Air technology, athlete partnerships to drive product changes, and streamlined production, which may not yield results quickly. The best estimates are for the changes to take effect in early 2026, more than eighteen months away.&nbsp;
<h2>Nike Had a Tough Quarter, But Not a Bad One</h2>
Nike had a tough time in Q1, but the business remains profitable, producing positive cash flow sufficient to sustain balance sheet quality and capital returns. The company reported $11.6 billion in net revenue, down 10.4% compared to last year, falling short of the consensus estimates but beating the bottom line. Revenue was impacted by weakness in Nike and Converse brands, DTC, and wholesales, with a contraction in the core footwear and apparel categories. Equipment is the single area of strength, up 34%, aiding bottom-line results.&nbsp;
The margin news is also mixed, with gross margin and selling, general, and administrative expenses (SG&amp;A) improving but offset by increased sales and tax expenses. The takeaway is that net income is down 28% year over year, and the diluted GAAP EPS is 26% but well above forecasts, reflecting operational improvements and quality. The net result is $0.70 in GAAP EPS, which is more than 3500 basis points above consensus, with margin quality expected to continue in the coming quarters.&nbsp;
The details that spooked the market are the retracted full-year guidance and delayed investor day conference, which brings an element of uncertainty to the outlook with the CEO change due soon. As it is, the company expects Q2 revenue to be down 8% to 10%, putting the H1 outlook in alignment with the prior forecast.&nbsp;
<h2>No Red Flags on Nike&#39;s Strong Balance Sheet: Capital Returns Can Run</h2>
As troubled as Nike is, the company produced a positive cash flow quarter and improved its balance sheet while sustaining dividends and share repurchases. The share repurchases topped $1 billion for the quarter, helping to reduce the average count by 2.7%, and will likely continue as the fiscal year progresses.&nbsp;
The dividend is also safe at roughly 50% of the quarterly earnings. However, the pace of annual increase will likely slow from double-digits into the low single-digits until growth is reinvigorated. Regarding the balance sheet, cash and assets are up compared to last year, and debt and equity are relatively flat, leaving the company in a net-cash position relative to its debt, with leverage low at 0.6x equity. Nike has work to do but is in a solid financial position, capable of making the necessary moves to achieve its goal.&nbsp;
<img alt="Nike NKE stock chart" class="aligncenter" src="https://www.marketbeat.com/logos/articles/med_20241002091343_chart-nke-1022024.png" style="height:423px; width:917px" />
The article &quot;<a href="https://www.marketbeat.com/originals/nikes-post-earnings-drop-presents-a-buying-opportunity/">Nike&#39;s Post-Earnings Drop Presents a Buying Opportunity</a>&quot; first appeared on MarketBeat.

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Nike's Post-Earnings Drop Presents a Buying Opportunity

Adidas Continues To Expect Unfavorable Currency Effects To Weigh Significantly On Company's Profitability This Year; Excluding Yeezy Sales In Both Years, Currency-Neutral Revenues Increased 16% During Quarter; These Effects Are Negatively Impacting Both Reported Revenues And Gross Margin Development In 2024

Adidas Increases Its FY Guidance Following Better-Than-Expected Q2 Results; Assumes Sale Of Remaining Yeezy Inventory During Remainder Of Year To Occur On Average At Cost; This Would Result In Additional Sales Of Around €150 Million And No Further Profit Contribution During Remainder Of Year; Revenues Grew 9% To € 5.822 Billion (2023: €5.343 Billion)

Caitlin Clark is set to pull in the most lucrative shoe deal deal a women&#39;s basketball player has ever signed.
The contract she and Nike&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) have agreed to will bring the superstar up to $28 million over eight years, plus a signature shoe, The Wall Street Journal reported.
Clark&#39;s team set the bar high, telling shoe companies a deal must be at least $3 million per year, according to the Journal. That made Puma&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pmmaf#OTC">PMMAF</a>) drop out, and Adidas&#39;&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>)&nbsp;reported offer of a $6 million, four-year deal far below the mark. The Under Armour offer was the next most enticing, with a four-year, $16 million contract and a signature shoe pitched with the help of Stephen Curry, The Athletic reported. At one point, some companies were making offers contingent on her staying at Iowa for another season, thinking she&#39;d hold bigger star power by playing one more year in college, according to the Journal.
While Under Armour would bring her a higher annual salary, Clark reportedly is going with Nike. She had been with the Oregon-based shoe giant since 2022, but their contract expired after this past college season.&nbsp;
Clark follows in the footsteps of Sabrina Ionescu, who was lured by an Under Armour&ndash;Curry pitch but also went with Nike. Along with her signature shoe, Ionescu was reportedly able to earn up to $24 million, but she won&#39;t hit that mark thanks to injury and the COVID-19 pandemic, the Journal reported. Clark posed in a pair of Sabrina 1s for her first photo shoot in an Indiana Fever jersey.
Since announcing her decision to join the WNBA, Clark has also inked deals with Gainbridge&mdash;which sponsors the Fever&#39;s home arena&mdash;Panini, and Xfinity.
The post <a href="https://frontofficesports.com/caitlin-clark-nike-deal-value/">Caitlin Clark&#39;s Nike Deal Reportedly Worth $28 Million Over Eight Years</a> appeared first on <a href="https://frontofficesports.com">Front Office Sports</a>.

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Caitlin Clark's Nike Deal Reportedly Worth $28 Million Over Eight Years

In an unscheduled announcement, Adidas AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>) raised its&nbsp;2024 profit outlook after a better than expected first quarter.&nbsp;The good news come a&nbsp;month after&nbsp;the German sportswear giant posted its first annual loss in more than three decades and warned sales in North America will fall again due to the struggle of U.S. retailers with high inventory levels. Adidas has also been battling to restore its vitality after&nbsp;a costly split from Kanye West in October 2022&nbsp;and&nbsp;suspending sales of the highly profitable Yeezy sneaker line.
<h3>Adidas Provided Hope Of Recovery</h3>
The German sportswear giant&nbsp;now expects full-year operating profit of about&nbsp;$744 million&nbsp;or&nbsp;700 million euros&nbsp;, after previously guiding for&nbsp;500 million euros.
At the very least, Adidas shares have staged a recovery, outperforming&nbsp;even&nbsp;Nike&nbsp;Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>)&nbsp;since&nbsp;the new&nbsp;CEO Bjorn Guldentook over.&nbsp;Gulden found that&nbsp;2023 ended better than&nbsp;what was expected at the&nbsp;beginning of the year, although this performance is certainly not good enough. Back in March, Gulden warned that the brand&rsquo;s weakness in North America will continue as&nbsp;Adidas&nbsp;expects&nbsp;sales to fall by around 5% this year&nbsp;due to overstocked stores and lower demand. In 2023, Adidas recorded a YoY sales&nbsp;drop of&nbsp;16%&nbsp;in North America, while fourth quarter alone posted a&nbsp;21%&nbsp;YoY drop. But, throughout the year, Gulden has been clearing the stock&nbsp;through&nbsp;outlet stores&nbsp;and lowered inventories by 24% or&nbsp;1.5 billion euros.&nbsp;Adidas is&nbsp;hoping to restore its&nbsp;market share from rivals&nbsp;like&nbsp;Nike,&nbsp;even as consumers&#39; overall appetite for sportswear&nbsp;is declining,&nbsp;with even&nbsp;Nike&nbsp;shedding 2% of its workforce in February. Therefore, the latest announcement provided the much-needed good news for the German sportswear giant as Gulden&#39;s efforts to re-energize the company have started to pay off.
Nike is missing its bold and disruptive innovation.
Last Friday, Nike&nbsp;CEO John Donahoe&nbsp;blamed remote work for the slowdown of innovation that is the DNA of Nike&rsquo;s brand. With employees working from home for more than two years now, developing a boldly disruptive product is tough to develop through Zoom.&nbsp;But Donahoe assured that&nbsp;Nike&rsquo;s innovation pipeline is as strong as ever&nbsp;as the sports company fights to protecting its market share with its restructuring plan announced in December. Over the next three years, Nike aims to lower&nbsp;costs by about $2 billion&nbsp;as it embraces for softer demand in the quarters ahead.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Still-In-The-Woods Adidas Provides Glimpse Of Recovery With A Lifted Guidance

Shoe and sports apparel giant Adidas (OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>) is teaming up with the Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based fitness app Stepn, the latter announced on Monday. The partnership will kick off with a batch of 1,000 NFTs called the&nbsp;Stepn x Adidas Genesis Sneakers collection. It&#39;s based on some of Adidas&#39;s &quot;most iconic running silhouettes&quot; according to a statement.
Read the <a href="https://www.theblock.co/post/288220/adidas-partners-with-crypto-fitness-app-stepn-both-nfts-and-merch-coming?utm_source=benzinga&amp;utm_medium=rss&amp;utm_campaign=Adidas+partners+with+crypto+fitness+app+Stepn%2C+both+NFTs+and+merch+coming">full story</a> at The Block.

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Adidas Partners with Crypto Fitness App Stepn, Both NFTs and Merch Coming

Nike Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) will outfit all of Germany&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/23/12/36154560/sportswear-brands-go-to-the-olympics-in-2024-paris-games-to-showcase-new-brands" rel="noreferrer noopener">national soccer teams</a>&nbsp;starting in 2027, marking the end of Germany&#8217;s historic 70-year partnership with&nbsp;Adidas AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ADDDF#OTC">ADDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ADDYY#OTC">ADDYY</a>).&nbsp;
German Soccer Federation&#8217;s (DFB) announcement ushers in a new era with an agreement spanning from 2027 to 2034, surprising many by choosing Nike over its traditional ally, Adidas.&nbsp;
Germany&#8217;s men&#8217;s team, which will utilize Adidas&#8217; headquarters as its base for the upcoming European Championship hosted by Germany this summer, found Adidas caught off guard by the DFB&#8217;s switch to its primary competitor, AP News&nbsp;<a target="_blank" href="https://apnews.com/article/germany-nike-adidas-gear-48140a6b97e2ca66cc72217f9921310c" rel="noreferrer noopener">reports</a>&nbsp;
Germany&#8217;s national football teams have historically donned Adidas gear, contributing to their success in securing four World Cup titles between 1954 and 2014.&nbsp;
The association with Adidas was extended for four more years in 2019, ensuring collaboration until the end of 2026.
The decision to switch to Nike was motivated by the substantial financial offer and Nike&#8217;s vision for promoting amateur sports, women&#8217;s soccer, and the sustainable development of the sport in Germany.&nbsp;
Adidas acknowledged being informed about the DFB&#8217;s decision to switch suppliers from 2027 onwards.&nbsp;
This transition comes as Germany, home to the world&#8217;s largest football association with over seven million members, prepares to host the Euro 2024 tournament from June 14 to July 14, showcasing its prominent role in the global football community.
Adidas faced challenges in 2023, dropping the Yeezy brand after controversial remarks by Kanye West, resulting in a $1.3 billion sales hit. However, the company is making a comeback with better-than-expected third-quarter results and a shift in focus back to sports, led by CEO Bjorn Gulden.&nbsp;
The sports apparel market, valued at around $200 billion annually, anticipates a boost in 2024 with the Euro 2024 football championship and the Paris Olympics.&nbsp;
Nike&#8217;s stock has gained 11% in the last six months. Investors can gain exposure to the stock via&nbsp;SPDR Select Sector Fund &#8211; Consumer Discretionary&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) and&nbsp;Hennessy Stance ESG ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STNC#NYSE">STNC</a>).
Price Action:&nbsp;NKE shares traded lower by 7.12% at $93.64 premarket on the last check Friday.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/03/37889120/these-analysts-cut-their-forecasts-on-nike-following-q3-results" rel="noreferrer noopener">These Analysts Cut Their Forecasts On Nike Following Q3 Results</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

STNC

Select Sector SPDR-Consumer Discretionary

Nike Scores Big with Germany's National Soccer Teams, Ending Adidas' 70-Year Legacy

<a href="https://www.fastcompany.com/91003553/adidas-and-apple-may-be-looking-to-leave-china-but-mcdonalds-and-starbucks-are-expanding#:~:text=%E2%80%9CWe%20want%20to%20continue%20a,10%20years%20in%20military%20technology.%E2%80%9D">https://www.fastcompany.com/91003553/adidas-and-apple-may-be-looking-to-leave-china-but-mcdonalds-and-starbucks-are-expanding#:~:text=%E2%80%9CWe%20want%20to%20continue%20a,10%20years%20in%20military%20technology.%E2%80%9D</a>
There's been no shortage of tough news for China's economy as some of the world's biggest brands consider or take action to shift manufacturing to friendlier shores at a time of unease about security controls, protectionism and wobbly relations between Beijing and Washington. Count Adidas, Apple and Samsung among those looking elsewhere. But as a tumultuous 2023 for the Chinese economy comes to a close, there has been at least one bright spot for Beijing when it comes to foreign investment: American fast-food chains have decided a market of 1.4 billion people is simply too delicious to pass up. KFC China's parent company opened its 10,000th restaurant in China last month and aims to have stores within reach of half of China's population by 2026. McDonald's is planning to open 3,500 new stores in China over the next four years. And Starbucks invested $220 million in a manufacturing and distribution facility in eastern China, its biggest project outside the U.S. This is surely not what Chinese President Xi Jinping had in mind as he made the case to American CEOs about the upside of China's "super-large market" last month while he was in San Francisco for a summit of world leaders. The investments in fast food and other consumer goods, while Washington is curbing exports of computer chips and other advanced technology, don't fit into China's own blueprint for modernizing its economy. "As you try to interpret the signals from McDonald's and Starbucks" and other chains, says Phil Levy, chief economist at the supply chain management firm Flexport, "note what the industries are: These are not high-tech burgers." And while some U.S. companies are increasing investments in the world's second-largest economy, overall foreign investment began falling this year. In the July-September quarter, net foreign direct investment in China sank to a deficit of $11.8 billion, the first quarterly deficit since Beijing began publishing the data in 1998. As tensions simmer between China and its Western trading partners, many multinational companies are shifting investments to other places, such as Southeast Asia or India, or repatriating their earnings. That has sapped China of a key engine when its economy has yet to fully recover from the disruptions of the pandemic and a property industry crisis that has been a drag on growth. Beijing puts some of the blame on U.S. government policies. Commerce Ministry spokesperson Shu Jueting said recently, "The U.S. side has repeatedly politicized economic, trade and technology issues and overstretched the concept of security, abused export control measures, and restricted trade and investment in China by its own enterprises, which is forcing enterprises to give up opportunities in the Chinese market and opportunities for win-win cooperation." A survey released in September by the U.S.-China Business Council, which represents American companies in China, suggested that the uncertainty has taken a toll: 43% of its members said China's business environment had deteriorated in the past year, and 83% said they were less optimistic about China than they had been three years ago. Twenty-one percent said they were investing fewer resources in China, versus just 10% who were investing more. Surveys of European and Japanese companies have shown similar results. While China's market is gigantic, it's ailing. Unemployment among young Chinese rose to over 20% by June, the last time the government released that data. Housing prices are falling and the stock market is down nearly 15% since the summer. That's left many Chinese feeling nervous about spending. Still, bullishness for China as other industries try to de-risk and detangle from Beijing may be a profit-increasing strategy for the fast-food industry. "We believe there is no better time to simplify our structure, given the tremendous opportunity to capture increased demand and further benefit from our fastest-growing market's long-term potential," McDonald's CEO Chris Kempczinski said as the Chicago-based company announced in November it was increasing its minority 20% ownership of its McDonald's licensed stores in China, Macau and Hong Kong to 48%. Burgers and lattes don't raise the sorts of friction that more high-tech industries have in the complicated U.S.-China relationship. Those strains have persisted under the presidency of Joe Biden, who took office vowing to do more to counter China's expanding military clout and its menacing of neighbors, to improve the country's treatment of Uyghur and other ethnic minorities, and to crack down on intellectual property theft. Relations hit a low point in February when Biden ordered a Chinese spy balloon that traversed the continental United States to be shot down. Beijing, which claims self-governed Taiwan as its own territory, also protested a stopover in the U.S. by the island's president, Tsai Ing-wen, earlier this year. China answered fresh U.S. controls on exports of advanced computer chips and the technology to make them with limits of its own on exports of vital commodities like graphite, gallium and germanium, all metals used in making semiconductors, solar panels, missiles and radar. The relationship appears to be stabilizing somewhat as 2023 winds down, highlighted by last month's Biden and Xi meeting outside San Francisco. But since then, Biden's top advisers have said there are no plans to shift the strategy of tightening regulations and blocking U.S.-based high-tech investments in China, citing the need to safeguard national security. Both former President Donald Trump, the 2024 GOP presidential front-runner, and Biden have worried about depending on China, a potential adversary, for supplies of critical materials used in many high-tech products. Both have sought to reduce America's reliance on Chinese factories and have encouraged companies to shift away from China to other countries — so-called "friend-shoring." Still, Biden administration officials have said they don't want to see a total decoupling of the world's two biggest economies. "De-risking, yes. Decoupling, no," Nicholas Burns, the U.S. ambassador to China, said at a recent event in Washington. "We want to continue a major trade and investment relationship with China, just not … in the realm that might help them leapfrog over us sometime in the next 10 years in military technology." Rosemary Coates, executive director of the nonprofit Reshoring Institute, noted that decisions to expand or retrench are relatively easy for a company like McDonald's or its fast-food rivals. Franchises "can be opened or closed," Coates said. "It's not like you're investing in an auto plant or some kind of machine shop." China's vast market is vital for many foreign companies: At their annual investors day gathering this month, McDonald's executives noted that 70 million of the 150 million customers active in its customer loyalty program are in China. KFC China says growth in its new outlets has averaged more than 22% over the last five years. The chain Popeyes Louisiana Kitchen relaunched its brand in China in August with a flagship restaurant in Shanghai and plans to open 1,700 stores over the next 10 years. But for all the promise of China's huge market, U.S. businesses have other reasons to think twice about expanding in China. In July, the U.S. recommended Americans reconsider traveling to China because of arbitrary law enforcement and exit bans and the risk of wrongful detentions. Commerce Secretary Gina Raimondo has warned Chinese leaders that U.S. businesses might stop investing in their country if they do not address complaints about worsening conditions due to raids on firms, unexplained fines and unpredictable official behavior. While insisting that China is keen to have foreign investment, Beijing has given no indication it might change trade, market access and other policies that irk Washington and its other trading partners. "Where do you draw the line?" asked Levy, a former White House economic adviser in George W. Bush's administration. "Someone might say: For sourcing sensitive computer chips, this has to be done in a place I really trust. … The other extreme is: We're OK selling them lattes and burgers. But where do you draw the line for the stuff in between — say, automotive parts? What about ball bearings?"

AAPL

SBUX

"Adidas And Apple May Be Looking To Leave China, But McDonald's And Starbucks Are Expanding" - FastCompany

On Thursday, Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) reported its fiscal second quarter results that fell short&nbsp;of Wall Street&rsquo;s sales estimates for the second quarter in a row.&nbsp;The sneaker giant also lowered its sales outlook and announced it intends to cut costs by $2 billion over the next three years.&nbsp;Nike is considered a leader among industry peers such as&nbsp;Lululemon Athletica Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lulu#NASDAQ">LULU</a>), adidas AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>)&nbsp;and&nbsp;Under Armour Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ua#NYSE">UA</a>),&nbsp;but its profits have been under pressure and it has been in the middle of a strategy shift that has seen it rekindle its relationships with wholesalers including&nbsp;Macy&rsquo;s Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/m#NYSE">M</a>)&nbsp;and&nbsp;parent of DSW,&nbsp;Designer Brands Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dbi#NYSE">DBI</a>). Nuke shares plunged upon results, pulling down Foot Locker (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fl#NYSE">FL</a>) for the ride as Foot Locker stores depend heavily on its merchandise. Nike shares fell more than 10% on their worst day since September 2022, back when Nike was ran over by inventory gluts, while Foot Locker shares plunged 5%.
<h3>Fiscal Second Quarter Highlights</h3>
For the quarter that ended on November 30th, Nike reported revenue grew about&nbsp;1% to&nbsp;$13.39 billion, topping Refinitiv&rsquo;s estimate of $13.43 billion. Revenue from Europe, the Middle East and Africa fell short of Street Account estimates but&nbsp;North America, Asia-Pacific and Latin America topped came ahead.&nbsp;
Although Nike came short on revenue estimates, which is the first time has been missing revenue estimates for two consecutive quarters since 2016, Nike posted a strong earnings beat that showed its cost-cutting initatives are already well-underway. Nike made a net income of&nbsp;$1.58 billion or&nbsp;$1.03 in earnings per share, topping Refinitiv&rsquo;s estimate of 85 cents.&nbsp;
<h3>Leaving Concerns Aside, Nike Greatly Improved Its Gross Margin</h3>
During the quarter, inventories were down 14% to $8 billion, with Nike being in a significantly improved position compared to a year ago.
Nike&rsquo;s gross margin finally increased 1.7 percentage points to 44.6%, making a turnaround from six quarters of declines.
<h3>Disciplined Cost Management Ahead</h3>
As part of its undergoing cost cutting strategy, Nike will be simplifying its product assortment, increasing automation, making more and better use of technology while streamlining the overall organization to increase efficiency. With the savings gathered from those efforts, it will be fueling its future growth that will be built upon accelerated innovation and long-term profitability. The execution of its strategy will cost Nike between $400 million and $450 million in pretax restructuring charges which are mostly related to employee severance costs. The results of these efforts are expected to be seen in the current quarter.
<h3>New Guidance That Concerned Investors</h3>
Nike lowered its guidance as a result of increased macro headwinds, particularly in Greater China and EMEA, along with a recent digital traffic softness and other unfavorable factors. Nike guided for full-year revenue growth of 1%, lowering its prior mid-single digits guidance. As for the current, fiscal third, quarter, Nike is expecting sales growth in low single digits due to tough comparisons from last year. Gross margin is expected grow between 1.4 and 1.6 percentage points, but excluding restructuring charges, Nike affirmed its full-year earnings outlook.
<h3>Nike&rsquo;s Tone Was Somewhere In The Middle</h3>
Being among the last retailers to release a quarterly report before Christmas, Nike was both cautious and optimistic. Although its second revenue miss and increased focus on cost cuts are a red flag for deeper demand issues, its CEO John Donahoe proudly stated Nike digital had its best Black Friday Ever, along&nbsp;with a record number of consumers shopping in its stores over the Thanksgiving weekend. Nike entered the holiday season by outpacing the industry with growth of almost 10%.&nbsp;But the lowered&nbsp;outlook is a clear warning it cannot keep up the pace for the rest of its fiscal year and even Foot Locker felt that blow.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Small Cap

LULU

Even Nike Cannot "Just Do It" In These Challenging Macroeconomic Climate

Adidas (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ADDDF#OTC">ADDDF</a>), the German sportswear maker, has had an uneasy 2023 — dropping the top-selling Yeezy brand following anti-semitic remarks by its curator Kanye West, which cost the company around $1.3 billion in sales.
But it&#8217;s on the turnaround. Third-quarter results on Friday were better than expected and CEO Bjorn Gulden made all the right sounds of a company focusing back on sport rather than celebrity.
And, despite the contrition and the &#8220;our current performance is not good enough&#8221; rhetoric, the shares are on a roll, up 50% this year. Great for any shareholders getting in at the beginning of the year. The shares are, however, down 74% from their July 2022 peak.
This is a similar story to that of the world&#8217;s biggest sportswear maker Nike (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>). Riding high at a record $179 in November 2021, its shares currently trade 36% lower at $114.83.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36094556/nike-has-stronger-revenue-growth-ahead-says-bullish-goldman-sachs">Nike Has &#8216;Stronger Revenue Growth Ahead,&#8217; Says Bullish Goldman Sachs</a>
<h2 class="wp-block-heading">Olympics and Euro 2024 Showcases</h2>
The total annual global value of the sports apparel market is around $200 billion according to market research company Statista.
And 2024 could be a record-breaking year for the sector with two major international events over the summer. 
Kicking off on June 14, the Euro 2024 football championship plays out over four weeks snd beginning on July 26, the Paris Olympics runs through to Aug. 11.
The Olympic Games is particularly important. A global event that attracts millions of viewers worldwide, it&#8217;s the perfect opportunity for sports apparel companies to showcase their products — often tying in with sporting stars as their sponsors.
Among the new sports being introduced at the Paris Games next year is breaking (dance) — with its roots in hip-hop dancing and urban streetwear — which plays into the hand of brands such as Nike, Adidas and Under Armour Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>) and retailers such as Dick&#8217;s Sporting Goods Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>), Columbia Sportswear Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COLM#NASDAQ">COLM</a>) and Academy Sports and Outdoors Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASO#NASDAQ">ASO</a>).
Nike is already the official sponsor of the U.S., Japanese and South Korean breaking federations, and Adidas revealed in June that it had signed up &#8220;B-Girl 671&#8221; — the world number-one female breaker, China&#8217;s Liu Qingyi.
<h2 class="wp-block-heading">Sales Boost Effect</h2>
Not only do these sporting events drive up the visibility of sportswear brands, but they also help drive up sales. During the 2021 Tokyo Games, Amazon reported massive rises in certain search terms: &#8220;Team USA Olympic apparel&#8221; and USA Olympic apparel&#8221; among them.
While the Euro 2024 Championship is unlikely to make any waves in the U.S., it&#8217;s a massive deal across Europe and, to a significant extent Africa, Asia-Pacific and South America — where football (soccer) is the predominant team sport.
During the last World Cup in 2022, retailers reported a strong climb in sales of football shirts and sporting equipment.
Thus, 2024 — with the double sporting fixture — could be a strong year for sales for makers and retailers of sporting apparel, providing the economic climate lends some support.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35854626/dicks-sporting-goods-emerges-as-a-promising-buy-analyst-cites-strong-ties-with-nike">Dick&#8217;s Sporting Goods Emerges As A Promising Buy: Analyst Cites Strong Ties With Nike</a>
Photo: Shutterstock

Equities

COLM

Sportswear Brands Go To The Olympics In 2024: Paris Games To Showcase New Brands

At&nbsp;Amazon.Com Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/11/35972982/revolutionizing-access-management-amazon-launches-palm-scanning-tech-for-business-security" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">AWS re: Invent 2023</a>&nbsp;in Las Vegas, AWS CEO Adam Selipsky delivered a keynote covering the company&#39;s achievements and future strategies.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34850816/amazons-aws-and-anthropic-join-forces-a-billion-dollar-partnership-challenging-nvidia-and-microsoft" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Amazon&#39;s AWS and Anthropic Join Forces: A Billion-Dollar Partnership Challenging Nvidia and Microsoft in the AI Arena</a>
Selipsky emphasized the significant role of generative AI in AWS&#39;s strategy, with the Bedrock platform being a central element. Bedrock, launched earlier, has attracted over 10,000 global customers, including prominent names like&nbsp;Adidas AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>) and&nbsp;United Airlines Holdings, Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ual#NASDAQ">UAL</a>), ITPro&nbsp;<a class="editor-rtfLink" href="https://www.itpro.com/news/live/aws-reinvent-2023-all-the-day-one-keynote-announcements" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reports</a>.&nbsp;
AWS announced the new Trainium 2 chip, optimized for training foundation models with up to trillions of parameters, offering four times the speed of its predecessor. Additionally, AWS introduced Graviton 4, touted as their most potent and energy-efficient chip, enhancing performance for various applications.
AWS and&nbsp;Nvidia Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) are collaborating to bring Nvidia&#39;s DGX Cloud to AWS. This includes deploying a new family of GPUs and a giant AI supercomputer to halve the training time and cost for large language models annually.
AWS highlighted its robust infrastructure, with plans for more data centers, and introduced Amazon S3 Express One Zone for faster and more cost-effective storage. They also emphasized the importance of their S3 Intelligent Tiering, which has saved customers over $2 billion.
Selipsky underscored AWS&#39;s commitment to security, innovation, and rapid development, catering to various clients, from large enterprises to startups. Over 80% of global unicorns reportedly run on AWS.
There&#39;s speculation about AWS unveiling &#39;Olympus,&#39; a two trillion-parameter large language model, following the success of Amazon Bedrock.
The conference also featured updates on AI-powered code remediation in Amazon CodeWhisperer and the introduction of Amazon Detective with generative AI capabilities. AWS leverages AI and cloud computing to drive innovation and efficiency across various industries.
Price Action:&nbsp;AMZN shares traded lower by 0.62% at $146.84 on the last check Tuesday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

AMZN

NVDA

Amazon's AWS Pushes AI Boundaries With New Chips And Nvidia Partnership

Adidas AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) reported a 1% increase in currency-neutral&nbsp;<a class="editor-rtfLink" href="https://www.adidas-group.com/en/media/news-archive/press-releases/2023/adidas-reports-revenue-increase-in-the-third-quarter-underlying-b/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">revenues&nbsp;</a>for the third quarter of FY23 to &euro; 5.999 billion, driven by growth in all regions except North America. In euro terms, the company&#39;s revenues declined 6%.
The second product drop of Yeezy inventory generated revenues of around &euro; 350 million in Q3, somewhat below the Yeezy sales generated in the prior year&#39;s quarter. As a result, excluding the Yeezy revenues in both years, <a href="https://www.benzinga.com/calendars/earnings">currency-neutral revenues increased 2% during the quarter.</a>
The revenue reflects the company&#39;s conservative sell-in approach aimed at reducing high inventory levels, improved sell-through and focus on full-price sales across own channels.
Footwear revenues grew 6% on a currency-neutral basis, reflecting double-digit growth in Adidas Originals as well as in the football and basketball categories. Apparel sales declined 6%, and Accessories revenues were down 3%.
The company&#39;s currency-neutral sales in wholesale declined 2% despite double-digit growth in Greater China and Latin America. At the same time, direct-to-consumer (DTC) revenues grew 5% versus the prior year.&nbsp;
Currency-neutral sales in North America declined 9%. Revenues in Greater China grew 6%, EMEA increased 2%, Asia-Pacific climbed 7%, and Latin America jumped 13%.
Gross margin expanded by 20 basis points to 49.3% versus 49.1% last year, mainly driven by reduced freight costs.
The company&#39;s operating profit amounted to &euro; 409 million with an operating margin of 6.8% versus 8.8% a year ago.
Basic EPS from continuing operations&nbsp;for Q3 was &euro; 1.40 compared to &euro; 0.34 last year.
Inventories are now down 23% to &euro; 4.849 billion versus &euro; 6.315 billion last year.
Also Read:&nbsp;<a href="https://www.benzinga.com/general/entertainment/23/11/35530731/adidas-banks-on-retro-sambas-to-fill-2b-void-after-yeezys-partnership-with-ye-falls-apart">Adidas Banks On Retro Sambas To Fill $2B Void After Yeezy&#39;s Partnership With Ye Falls Apart</a>
Outlook: For FY23, Adidas expects currency-neutral revenues to decline at a low-single-digit rate in 2023 (previously: decline at a mid-single-digit rate).&nbsp;
The company said elevated recession risks in North America and Europe as well as uncertainty around the recovery in <a href="https://www.benzinga.com/calendars/guidance">Greater China continue to exist.</a>
Adidas now expects a reported operating loss of around &euro;100 million in 2023 (previously: loss of &euro; 450 million).
Adidas CEO Bj&oslash;rn Gulden, said,&nbsp;&quot;We see the interest in our brand and products increasing in all markets and are now experiencing a visibly higher interest from retailers for the sell-in for our Fall/Winter 2024 range.&quot;
Price Action: ADDYY shares closed higher by 0.22% at $92.39 on Tuesday.
Photo Via Company

Sharp Inventory Reduction Pushes Adidas Revenue; Gets €350M Boost From Yeezy Sales

Ethiopian athlete&nbsp;Tigist Assefa&nbsp;reportedly wore&nbsp;Adidas AG&#39;s&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>) latest running shoes when she set a new women&#39;s marathon world record in Berlin.&nbsp;
Reports suggest that Assefa marveled at the Adizero Adios Pro Evo 1 sneakers, praising them as the lightest racing shoes she&#39;d ever worn, according to a&nbsp;<a class="editor-rtfLink" href="https://www.theguardian.com/world/2023/sep/25/tigist-assefa-super-shoes-record-breaking-marathon-winner-ethiopian-berlin" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">report&nbsp;</a>by the Guardian.&nbsp;
The Adizero sneakers,&nbsp;<a class="editor-rtfLink" href="https://news.adidas.com/running/adidas-launches-adizero-adios-pro-evo-1---the-future-of-racing.-at-its-lightest-/s/92fc11e6-105a-4c84-a196-81eca4044ad9" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">launched</a>&nbsp;on Sep. 14, come with a hefty price tag that may give amateur runners a pause.
Priced at $500 per pair, the sneakers are $225 more expensive than&nbsp;Nike, Inc.&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) Alphafly 2 equivalent, raising questions about their appeal to amateur runners, according to a&nbsp;report<a class="editor-rtfLink" href="https://www.reuters.com/business/retail-consumer/adidas-tests-upper-limit-running-market-with-500-shoe-2023-09-26/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;</a>by Reuters.&nbsp;
&quot;The price tag is just insane,&quot; said&nbsp;Harry Swinhoe, founder of Grove Lane Runners, an amateur running club in southeast London, as per Reuters. &quot;People will flock to it, but I wonder whether the average runner will really feel the benefit of the ultra-supershoe versus the supershoe or the normal shoe.&quot;
These shoes feature innovations like thick shock-absorbing foam and carbon fiber plates to help athletes run more efficiently.&nbsp;
These shoes are just 138 grams (5 ounces).&nbsp;Adidas acknowledges that these shoes prioritize speed over durability, the report adds. The company released only 521 pairs on the initial launch day, with a second release planned for November.
In a separate turn of events, Adidas&#39;s CEO Bj&oslash;rn Gulden was recently in the news headlines after expressing his beliefs about remarks made by&nbsp;Ye, formerly known as Kanye West. Gulden suggests that the controversial rapper did not intend the antisemitic comments he made last year, The Hill&nbsp;<a class="editor-rtfLink" href="https://thehill.com/blogs/in-the-know/4215191-adidas-ceo-on-yes-antisemtic-comments-i-dont-think-he-meant-what-he-said/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reported</a>.
However, he later apologized for questioning whether Ye meant the antisemitic statements he made last year,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-09-22/adidas-ceo-gulden-apologizes-for-statements-on-ye-adl-says?sref=TBDibEcD" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">according&nbsp;</a>to Bloomberg.
Price Action:&nbsp;ADDYY shares traded lower by 1.19% to $84.58 on the last check Tuesday.
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Speed Vs. Durability: Adidas' Pricy Adizero Stirs Debate Among Runners, But Will The Price Justify The Pace?

Needham&nbsp;analyst Anna Andreeva initiated coverage on&nbsp;On Holding AG&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/onon#NYSE">ONON</a>) with a<a class="editor-rtfLink" href="https://www.benzinga.com/quote/on/analyst-ratings" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;Buy rating and a price target of $40</a>.
As a premium, disruptive brand that is still in the early innings of its growth lifecycle with secular tailwinds of health &amp; wellness, On is one of the fastest growth stories in consumer (<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/earnings" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">30%+ Sales and EBITDA growth&nbsp;</a>on average expected in &#39;23/&#39;24), notes the analyst.
While the&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/guidance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">anticipated door closures in EMEA</a>&nbsp;will create a $25 million revenue headwind (2% to Wholesale sales next year), the DTC business outpacing Wholesale should drive upside to margins (per management, each 1% in additional DTC mix adds 20 bps on the GM line).
The brand is still in the early innings regarding SKUs/categories and distribution points in the U.S. and globally, with profitability poised towards a high-teens EBITDA margin, up from 15% expected this year.
In the last 24 months, On launched six new performance shoes, with 4 quickly becoming key franchises, notes the analyst.
Looking at the total SKU count across three key segments of Road Running, Trail running, and Hiking, the analyst notes that ONON currently has minimal SKUs in comparison to&nbsp;Nike, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) and&nbsp;Adidas AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>).
The analyst adds that Apparel has stayed at 4%-5% of sales--lower (yet still premium) price points to be introduced into &#39;24 should broaden the audience.
For FY23, the analyst expects revenues of $1.782 billion, with EBITDA of $267 million.
Price Action:&nbsp;ONON shares are trading higher by 0.20% to $29.92 on the last check Wednesday.
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On Holding - The Fastest Growth Story In Consumer Sector: Analyst

Adidas AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) reported a Q2 revenues&nbsp;<a class="editor-rtfLink" href="https://www.adidas-group.com/media/filer_public/0d/33/0d33e083-3ecd-4c1e-9f46-d4f0db3d8cb9/adidasag_q2_2023results_en.pdf" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">decline of 4.5% Y/Y to &euro;5.34 billion</a>, with currency-neutral revenues remaining flat Y/Y.
Revenues were impacted by a reduction in high inventory levels, mainly in North America and Greater China.&nbsp;
Meanwhile, the revenues benefited from the first sale of some of its Yeezy inventory, with an initial product drop in June generating revenues of around &euro;400 million in Q2 (largely in line with sales in the prior year&rsquo;s quarter).
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33340240/adidas-receives-orders-worth-565m-for-massive-unsold-yeezy-inventory-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Adidas Receives Orders Worth $565M For Massive Unsold Yeezy Inventory: Report</a>
Gross margin improved by 60 basis points to 50.9%, led by implemented price increases and favorable channel mix.
Operating profit declined to &euro;176 million from &euro;392 million a year ago, resulting in an operating margin of 3.3% Vs. 7.0% the prior year, with the sale of the Yeezy product positively impacting by around &euro;150 million in Q2.
On August 2, the company launched a second drop of Yeezy inventory.
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33440194/adidas-seeks-next-yeezy-shoes-sale-from-inventories-in-august" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Adidas Seeks Next Yeezy Shoes Sale From Inventories In August</a>
EPS from continuing operations fell 74.5% Y/Y to &euro;0.48 in the quarter
As of June 30, 2023, cash and cash equivalents stood at &euro;993 million and inventory rose 1% Y/Y to &euro;5.5 billion.
Outlook: Adidas revised its outlook for currency-neutral revenues to decline at a mid-single-digit rate in 2023 (vs. decline at a high-single-digit rate guided earlier).
The guidance reflects the positive impact of the first sale of some of its Yeezy inventory and slightly better-than-expected business development in H1.
The underlying operating profit is expected to be around the break-even level.
On the other hand, the company now expects an operating loss of &euro;(450) million in 2023 (vs. &euro;(700) million guided earlier), including a positive impact of around &euro;150 million from the first Yeezy drop, expected write-off of the remaining Yeezy inventory of now &euro;400 million (vs. &euro; 500 million earlier) and strategic review related one-off costs of up to &euro;200 million.
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33366725/adidas-expects-smaller-operating-loss-in-2023-after-parting-ways-with-kanye-wests-yeezy-collection" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Adidas Expects Smaller Operating Loss in 2023 After Parting Ways with Kanye West&#39;s Yeezy Collection</a>
Price Action: ADDYY shares closed lower by 2.31% by $97.87 on Wednesday.
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Adidas Q2 EPS Dips 75%, Ups FY23 Revenue Outlook On Yeezy Inventory Reduction

Adidas AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) plans to sell more Yeezy shoes globally from its&nbsp;<a class="editor-rtfLink" href="https://news.adidas.com/originals/adidas-announces-further-release-of-existing-yeezy-products-in-august-with-continued-commitment-to-c/s/edcb6273-ed23-456b-8a8c-b95a137628d0" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">inventories&nbsp;</a>throughout August.&nbsp;
From the proceeds, the company will donate significantly to selected organizations working to combat discrimination and hate, including racism and antisemitism.
The range available will include some of the most popular existing designs, including the YEEZY BOOST 350 V2, 500, and 700 and the YEEZY SLIDE and FOAM RNR.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/07/33340240/adidas-receives-orders-worth-565m-for-massive-unsold-yeezy-inventory-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Adidas Receives Orders Worth $565M For Massive Unsold Yeezy Inventory: Report</a>
With the first set of inventory stock released in May, the second round in August would feature products from 2022, the company said.
Since terminating the YEEZY partnership in October, Adidas has been exploring multiple scenarios for the potential use of the existing YEEZY inventory.&nbsp;
Also See:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/entertainment/23/05/32358787/adidas-teams-up-with-kanye-again-to-sell-leftover-yeezys-rather-than-burning-them" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Adidas Teams Up With Kanye Again To Sell Leftover Yeezys Rather Than Burning Them</a>
Price Action:&nbsp;ADDYY shares were up by 2.68% to $101.78 on the last check Friday.

Adidas Seeks Next Yeezy Shoes Sale From Inventories In August

Nike, Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) will likely forecast full-year profit below Wall Street estimates, as demand for the sportswear firm&#39;s products from wholesalers like&nbsp;Foot Locker Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fl#NYSE">FL</a>) and&nbsp;Hibbett Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hibb#NASDAQ">HIBB</a>) in the U.S.&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/analyst-ratings/analyst-color/23/06/32928888/nike-faces-potential-headwinds-but-long-term-outlook-remains-positive-morgan-stanle" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">succumb to inflation</a>.
At least seven analysts trimmed their FY24 expectations for Nike&#39;s EPS since the beginning of June, and 10 slashed&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/03/31454035/these-analysts-revise-price-targets-on-nike-following-upbeat-q3-earnings" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">their price targets</a>&nbsp;on the company&#39;s stock ahead of its Q4 results, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/retail-consumer/nikes-2024-pressured-by-weak-north-american-demand-inventory-glut-2023-06-28/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reports</a>.
Morningstar analyst David Swartz expects weak wholesale orders likely to weigh on Nike.
Jane Hali &amp; Associates senior analyst Jessica Ramirez voiced heavier markdowns within sneakers in the problematic and volatile U.S. market.
In March, Nike warned against earnings pressure amid its attempts to offload excess inventory through heavy discounts. It still reaped the benefits of rival&nbsp;Adidas AG&#39;s&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) breakup with the musician formerly Kanye West last quarter and demand for Jordan Retro and LeBron 20.
Foot Locker also flagged declining sales in May, particularly for fashion-oriented sneakers.
Still, analysts expect a more robust rebound in China to offset the hit to sales from cooling consumer appetite for higher margin products in the North American region.
Analysts expect Nike to report Q4 revenue of $12.59 billion, up by 2.9% year-on-year. They expect an EPS of $0.67.
The analysts expect FY24 revenue of $54.23 billion, up by 6.4%, and EPS of $3.91.
Nike is due to report earnings today in the after-hours session.
Price Action: NKE shares are trading higher by 0.86% at $114.00 premarket on the last check Thursday.
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What's Going On With Nike Stock Today

Each week, <a class="core-block" href="https://www.benzinga.com/topic/benzinga-buzz" target="_blank">Benzinga Buzz</a> compiles the latest entertainment news into a cohesive column for your consideration. Read on for the latest updates &mdash; both useful and irreverent.
<ul>
<li>For Sale: Nazi Shoes, Never Worn. Adidas (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ADDDF#OTC"> ADDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ADDYY#OTC"> ADDYY</a>) got stuck with more than $1.3 billion worth of Yeezy footwear sitting in storage ever since it <a href="https://www.benzinga.com/general/entertainment/22/10/29393781/adidas-severs-ties-with-kanye-west-over-rappers-antisemitic-remarks-sees-247m-impact-from-d">parted ways with</a> Kanye West over the singer&#39;s anti-Semitic, <a href="https://www.benzinga.com/news/22/12/29935432/elon-musk-says-kanye-west-suspended-again-from-twitter-for-inciting-violence-i-tried-my-best">Nazi-sympathizing rants</a>. The athletic apparel company has now decided to sell the merchandise because &quot;burning the goods would not be a solution,&quot; CEO Bj&oslash;rn Gulden <a href="https://www.benzinga.com/general/entertainment/23/05/32358787/adidas-teams-up-with-kanye-again-to-sell-leftover-yeezys-rather-than-burning-them">said</a>. West will still get a cut of every sale, and a portion of the proceeds will get donated to charitable organizations. And so, as Charlotte Knobloch, president of the Jewish Community of Munich and Upper Bavaria, predicted <a href="https://www.nytimes.com/2023/03/08/world/europe/adidas-earnings-yeezy.html">back in March</a>: Yeezy products will return &quot;as if nothing had happened.&quot;</li>
<li>Hello, He Musk Be Going. Linda Yaccarino, the global advertising chief at Comcast Corporation&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cmcsa#NASDAQ">CMCSA</a>) NBCUniversal, is <a href="https://www.benzinga.com/news/23/05/32364773/twitters-ceo-rumor-mill-linda-yaccarino-the-velvet-hammer-in-the-spotlight">expected to replace</a> Elon Musk as Twitter CEO. This makes sense. Twitter desperately needs an ad-ult in the room. When Musk first came on board, the social-media platform lost a <a href="https://www.benzinga.com/news/23/04/31622632/twitters-revenue-drops-as-advertisers-voice-major-concerns">significant amount of advertisers</a>. Meanwhile, Tucker Carlson &mdash; who scared advertisers off during his <a href="https://www.benzinga.com/news/23/04/31962215/tucker-carlson-parts-ways-with-fox-news-amid-787m-settlement-with-dominion">now-canceled prime-time Fox show</a>&nbsp;&mdash; announced that he will broadcast a &quot;<a href="https://twitter.com/TuckerCarlson/status/1656037032538390530?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1656037032538390530%7Ctwgr%5Edb6d2eda3d6b53d5b8fcef64c3fb9968223e70ef%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fwww.benzinga.com%2Fnews%2F23%2F05%2F32307471%2Felon-musk-on-tucker-carlsons-twitter-show-not-signed-a-deal-all-creators-follow-same-rules-and-rewar">new version</a>&quot; of his show on Twitter. Good luck, Linda!&nbsp;</li>
<li>
Blow Into The Cartridge. Nintendo Isn&#39;t Working. Profits and sales at Nintendo (OTCMKTS: NTDOY) <a href="https://www.benzinga.com/markets/asia/23/05/32352684/video-game-etfs-in-focus-as-nintendos-sales-take-a-dive">are way down</a>. And yet, Super Mario (the beloved plumber who practically carries the company on his back) saw his movie rake in more than <a href="https://www.benzinga.com/general/entertainment/23/04/32102072/the-super-mario-bros-movie-set-to-cross-1-billion-mark-at-global-box-office">$1 billion at the box office</a>. So, that&#39;s where we are nowadays: Instead of playing video games at home, we&#39;re watching them at the movies.
</li>
<li>
Disney Discussions. Gov. Ron DeSantis&#39; favorite company, Walt Disney Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dis#NYSE">DIS</a>), <a href="https://www.benzinga.com/general/entertainment/23/05/32333636/disney-feels-the-heat-in-india-as-8-4m-streaming-subscribers-jump-ship-in-6-months">isn&#39;t doing well in India</a>. But, after <a href="https://www.benzinga.com/content/investorplace-com/23/04/31893111/disney-layoffs-2023-what-to-know-about-the-next-round-of-dis-job-cuts?cc=quotes&amp;cp=benzinga">laying off thousands</a> of employees, CEO Bob Iger <a href="https://www.benzinga.com/news/earnings/23/05/32327348/disney-q2-earnings-highlights-revenue-beat-disney-subs-decline">recently proclaimed</a>: &quot;We&rsquo;re pleased with our accomplishments this quarter.&quot; Also, Hulu <a href="https://www.benzinga.com/general/entertainment/23/05/32333032/disney-and-hulu-to-soon-tie-the-knot-one-app-to-rule-them-all">is marrying Disney Plus</a>.
</li>
<li>Autobot Your TikTok. ViacomCBS&rsquo;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIAC#NASDAQ"> VIAC</a>)&nbsp;Paramount Pictures allowed TikTok&nbsp;to incorporate the iconic voice of Peter Cullen into the platform&rsquo;s <a href="https://www.benzinga.com/general/entertainment/23/05/32360608/unleash-the-power-of-optimus-prime-on-tiktok-text-to-speech-feature-gets-a-heroic-upgrade">text-to-speech functionality</a>. Who&#39;s Peter Cullen, you ask? Why, he&#39;s Optimus Prime in &quot;Transformers,&quot; of course. The versatile actor also roared as King Kong, gurgled as The Predator, and moped as Winnie the Pooh&#39;s pal, Eeyore. If the Oscars were still important, I&#39;d totally give him one.</li>
<li>Mr. Holland&#39;s Offended. Speaking of Oscars, under the new Academy Award guidelines, movies nominated for Best Picture have to <a class="core-block" href="https://www.oscars.org/news/academy-establishes-representation-and-inclusion-standards-oscarsr-eligibility" target="_blank">meet </a>two of four benchmarks that include having lead actors from underrepresented groups or 30% or more of the cast and crew from underrepresented groups. Speaking in an interview on the PBS series &ldquo;Firing Lane,&rdquo; Richard Dreyfuss &mdash; star of &quot;Jaws&quot; and &quot;Mr. Holland&#39;s Opus&quot; &mdash; said the new rule changes make him want to ... <a href="https://www.benzinga.com/general/entertainment/23/05/32277073/quotas-above-merit-elon-musk-agrees-with-actor-richard-dreyfuss-speaking-out-against-academ">click here to find out</a>.</li>
<li>Miscellaneous. Legendary rapper Rick Ross has <a href="https://www.benzinga.com/markets/cannabis/23/04/32053419/rick-ross-cannabis-interview-2023">a new cannabis strain</a>; MrBeast <a href="https://www.benzinga.com/general/entertainment/23/05/32297538/mrbeast-invades-suburbia-buys-neighborhood-cul-de-sac-to-create-ultimate-friend-zone">bought several houses</a>; Grand Theft Auto 6 cost a whopping <a href="https://www.benzinga.com/general/entertainment/23/05/32297206/is-gta-6-on-track-to-become-the-most-expensive-video-game-ever-produced">$1 billion to produce</a>; Guitar Hero is <a href="https://www.benzinga.com/general/entertainment/23/05/32370767/activision-ceo-predicts-ai-revolution-in-gaming-dreams-about-ai-powered-guitar-hero-reboot">planning a comeback</a>; and Seth Rogen is taking streamers <a href="https://www.benzinga.com/general/entertainment/23/05/32372747/seth-rogen-blasts-streaming-company-ceos-insane-salaries-ahead-of-new-series-on-apple-tv">to task over &quot;secretiveness</a>.&quot;</li>
</ul>
Missed last week&#39;s column? <a href="https://www.benzinga.com/general/entertainment/23/04/32098636/benzinga-buzz-don-and-tucker-lawyer-up-disney-v-desantis-jerry-springer-more">Click here</a>

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