Adidas Sees Smaller 2023 Loss Thanks to Yeezy Sales

Adidas expects a smaller operating loss of 450 million euros ($498.56 million) this year, thanks to unexpectedly strong sales of Yeezy shoes left over from their terminated collaboration with rapper Kanye West (Ye). The German sportswear giant had previously forecasted a loss of 700 million euros for the year, but the success of Yeezy sales is likely to please investors as CEO Bjorn Gulden aims to turn the company's fortunes around. Despite a 5% drop in group revenue in the second quarter, Adidas' gross margin rose, and the company believes potential future Yeezy drops could further improve its results.