Adidas, hurt by unsold Kanye West Yeezy sneakers, posts $540M loss

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.

The move wasn’t based on economics, it was based on perception. & that sometimes comes with a cost.

🤣🤣🤣🤣

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

NEWS_MAKER Haha go work go broke

step 1: fucketh around step 2: findeth out

Has Adidas sued West?

Good thing Adidas takes orders from Ari Emanuel. Excellent move for the shareholders 😑🤷🏾‍♂️

adidas how are you liking it

It’s not an American company so piss on ‘em

stick to sportsters

NEWS_MAKER Go woke go broke!

✅⚫️

Adidas could've found a way to sell these. They didn't even try

Next time don't do business with a racist, antisemitic mental patient.

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