The end of its highly successful Yeezy line, designed in collaboration with West, hit sales by about 400 million euros in the quarter. REUTERSPIX: German sportswear giant Adidas reported Friday a hefty first-quarter loss, acknowledging its split from controversial US rapper Kanye West was “hurting” its bottom line.
But overall sales were not as bad as feared, with analysts seeing early signs of improving fortunes, and Adidas's share price rose 7.5 percent in the afternoon on the Frankfurt Stock Exchange. The company had announced in February that it could suffer an operating loss of as much as 700 million euros this year if decides to write off the value of its entire existing Yeezy inventory.Gulden, who took the reins of the company in January after joining from rival Puma, said time was needed to turn the company around.
They were also down heavily in China, a key market for Adidas which has been hit hard by lengthy Covid lockdowns, while there were gains in Latin America and other parts of the Asia-Pacific.
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