Adidas will slash its 2022 dividend, it said Wednesday, warning a split with rapper and fashion designer Kanye West could push it to its first annual loss in three decades this year.
will slash its 2022 dividend, it said Wednesday, warning a split with rapper and fashion designer Kanye West could push it to its first annual loss in three decades this year.
The company will recommend a dividend of 0.70 euros per share at a May 11 annual general meeting, it said. The 2021 dividend was 3.30 euros a share. Adidas is still dealing with the fallout from ending its partnership with West, which yielded the lucrative Yeezy sneaker line.The company needs to refocus on its core business and faces a "transition" year before returning to profit in 2024, he said.Adidas said it is still deciding what to do with its stock of unsold Yeezy footwear. The split cost it 600 million euros in sales in the fourth quarter of 2022, and Yeezy shoes would have brought in an estimated $1.2 billion this year.
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