March 9, 2023
Adidas Projects First Annual Loss Decades After Split Kanye West
[ad_1] Adidas is expecting to see a huge loss in 2023, the likes the company hasn't seen in three decades, following their split with Kanye West.On Wednesday (March 8), the German shoe giant reported a fourth quarter operating loss of $763 million. For 2023, Adidas is projecting a $738 million full-operating loss, which would be the company's first annual loss in 31 years.Underlying operating profits are expected to "be around break-even level reflecting sales loss of around € 1.2 billion and corresponding negative operating profit impact of around € 500 million from potentially not selling Yeezy stock," Adidas reports. "Reported operating loss to be € 700 million including additional negative impact of...