09:05 AM EDT, 03/13/2024 (MT Newswires) -- Adidas on Wednesday reported its first annual loss since 1992 and warned that US sales would remain soft because of a surplus of stock among retailers.

The German sportswear retailer reported a 2023 net loss from continuing operations of 58 million euros ($63.4 million), compared with net income of 254 million euros a year earlier.

For Q4, the company reported a loss from continuing operations of 2.36 euros per diluted share, narrowing from a loss of 2.69 euros a year earlier.

"Although by far not good enough, 2023 ended better than what I had expected at the beginning of the year," chief executive Bjorn Gulden said in a statement. "With the exception of the US, we now have healthy inventories everywhere."