- Title: Yeezy destocking helps lift Adidas sales outlook
- Date: 3rd August 2023
- Summary: NEW YORK CITY, NEW YORK, UNITED STATES (FILE - MAY 28, 2015) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** VARIOUS OF ADIDAS LOGO ON STOREFRONT NEW YORK CITY, NEW YORK, UNITED STATES (FILE - SEPTEMBER 7, 2018) (REUTERS) VARIOUS OF WEST POSING FOR PHOTOGRAPHS AT RALPH LAUREN GALA
- Embargoed: 17th August 2023 10:18
- Keywords: Adidas Ye Yeezy antisemitism earnings rapper previously known as Kanye West
- Location: VARIOUS
- City: VARIOUS
- Country: US
- Topics: Celebrities,Arts/Culture/Entertainment,North America
- Reuters ID: LVA002197003082023RP1
- Aspect Ratio: 16:9
- Story Text: Adidas sales should fall only slightly in 2023, a better outcome than previously expected, the sportswear giant said on Thursday (August 3), confirming strong demand for its remaining Yeezy shoes would help narrow a projected full-year loss.
Adidas shares have gained 40% since the start of the year as investors bet on CEO Bjorn Gulden's ability to turn the company around after a chaotic break-up with Yeezy designer Ye, the rapper previously known as Kanye West, over his antisemitic comments.
Sales of surplus Yeezy shoes generated around 400 million euros ($437 million) in the second quarter, helping Adidas reduce its predicted loss for the year to 450 million euros, down from the 700 million euro loss previously expected.
The company set aside 110 million euros in the quarter for donations to charities including the Foundation to Combat Antisemitism and the Anti-Defamation League, a step it had previously announced in a bid to mitigate the impact of Ye's public antisemitism.
(Production: Sophie Meyer, Lynné Schoeman) - Copyright Holder: FILE REUTERS (CAN SELL)
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