Adidas Sees Smaller 2023 Loss Thanks to Yeezy Sales
July 25, 2023
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.
Recent News
McDonald’s Promises Bigger Burgers Amidst Mixed Q1 Results
McDonald’s has been making changes to its menu options since the beginning of the quarter.
Bulk Organic Walnuts Sold at Whole Foods Recalled Due to E. Coli Outbreak
The walnuts, sold in several states across Whole Foods and other markets, have sickened 12 people so far.
Amazon and Starbucks Share How Cautious Customers Are With Their Spending
Amazon and Starbucks executives believe U.S. consumers are becoming increasingly frugal with their spending.
Screenshots Imply TikTok Is Avoiding Apple App Store Fees
According to new evidence, TikTok might be finding ways to bypass Apple App Store fees.