Reebok has seen a significant increase in profit in its first full year since being acquired by Authentic Brands, according to recently revealed figures. The Cheshire-based group reported a pre-tax profit of $176.8m (£147m) for 2023, with a turnover of $276.4m.
These results were disclosed in accounts filed with Companies House after the 31 September deadline, as reported by .
These new figures are compared to the ten-month period ending in 2022, the year Reebok was purchased. During that time, the brand's pre-tax profit was $92.1m, and its turnover was $206.1m.
In 2023, Reebok's º£½ÇÊÓƵ sales reached $20.5m, $144.1m in the USA, and $111.4m in other global markets.
This is a significant increase from the previous year, where º£½ÇÊÓƵ sales were $11.1m, $117.1m in the USA, and $77.7m in other parts of the world. A statement approved by the board stated: "Following the initial transition period to the trading arrangements of the Authentic Brands Group, with its external retail operating partners, profitability has been further boosted by reduced marketing and other business overheads together with an increased number of licenses with strong minimum contractual amounts."
"This is expected to continue to enhance profits and provide the group with significant cash inflows to support the ongoing operating business, which shows the strength of the Reebok brand intangible asset held by the group."
Authentic Brands finalised its takeover of the company from Adidas in March 2022.
Jamie Salter, founder, chairman and CEO of Authentic Brands, praised the team at the time, stating: "The Reebok team has done an incredible job of cementing Reebok's place in the minds and hearts of consumers."
He added: "Through ABG's operating model, Reebok will have the ability to evolve and embrace its iconic creativity, quality and innovation. It's time to let Reebok be Reebok."
