Following two years of double-digit gains coming out of the pandemic, branded athletic footwear sales grew just 6.7% last year to $98,726 million from $92,524 million, slowing by nearly half from 11.3% growth rate in 2022.

As China’s economic recovery continued in the first half, macroeconomic headwinds persisted and the unemployment rate rose, resulting in a 8% decline in net income attributable to shareholders to RMB 1,952,032,000 ($271.5 mm) from RMB 2,121,231,000 despite revenue ticking up 2% to RMB 14,345,288,000 ($1,995.2 mm) from RMB 14,018,947,000.

The headwear, apparel and accessories maker promoted 11-year company veteran David Shaffer as its new president of brand.

Adidas America has been fined $396,377 for continuing to ignore U.S. Department of Labor workplace safety standards in its Orange County, NY, warehouse, the Occupational Safety and Health Administration said in a release.