Shares fell by more than 2%.

Full year sales for 2022 rose by 6% but Chloe Collins, head of apparel at data firm GlobalData, pointed out that they remained 4.8% behind pre-pandemic levels despite the global sportswear market growing 9.6% during the three years.

"In Q4, despite Adidas's sponsorship of winning team Argentina, the presence of the FIFA Men's World Cup was not enough to offset the negative impact of the Yeezy controversy on the brand or the fact that its designs lag behind rivals Nike and Puma," she wrote.

"A catastrophic performance in China was partially to blame for Adidas's performance in FY2022, as further lockdowns and a shift to local sportswear brands like Li-Ning and ANTA caused currency-neutral sales to topple 35.8%."

She added: "Adidas is still deciding what to do with its remaining Yeezy inventory, despite reaching an agreement with West allowing the brand to sell it.

"It faces a difficult choice, as selling the stock could damage its brand perception even further, and not selling it will have a disastrous effect on profit."