Adidas' Yeezy Woes Continue Despite Earnings Beat
TL;DR Summary
Adidas reported a loss of €400 million ($448 million USD) year-over-year in Q1 of 2023, mainly due to the discontinuation of the YEEZY line across North America, Greater China, Europe, Middle East, and Africa regions. The company is still undecided on what to do with its existing YEEZY stock, and if it decides not to repurpose it, it could lose an additional €500 million ($560 million USD) and one-off costs of up to €200 million ($224 million USD), resulting in an expected operating loss of €700 million ($784 million USD) in 2023.
- adidas Blames YEEZY for $448 Million USD 2023 Q1 Loss HYPEBEAST
- Unsold Yeezys collect dust as Adidas lags on plan to repurpose them WUSF Public Media
- Cutting Ties With Kanye West Will Cost Adidas Over $550 Million Robb Report
- Adidas beats forecasts, but Yeezy headache lingers Reuters
- Adidas shares gain on earnings but CEO warns of 'bumpy year' after end of Yeezy deal CNN
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