More losses could be ahead as the company forecast a 500 million-euro hit to earnings this year if it decides not to repurpose the remaining Yeezy products it has in stock.
and the inability to sell his popular Yeezy line of shoes helped batter earnings at the end of last year, leading to a net loss of $540 million.
as the company forecast a $527.5 million hit to earnings this year if it decides not to repurpose the remaining Yeezy products it has in stock. The company is predicting a 2023 operating loss of $740 million. and in interviews, facing pressure along with other brands to end ties. The company is now grappling to find ways to replace its banner Yeezy line, which analysts have said amounted to as much as 15% of its net income.
Adidas split with Kaney West, known as Ye, in October following the rapper’s antisemitic remarks on social media.Fourth-quarter net sales were up a bare 1.3% at $5.49 billion from the same quarter a year ago, held back by around $633 million in lost revenue by the decision to halt the partnership with West, who legally changed his name to Ye.
For the full year, the Herzogenaurach, Germany-based company said it made net profit of $673 million on sales that rose 6%, to $23.7 billion.
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