Earnings

Adidas up 6% after trimming 2023 loss forecast on strong Yeezy sales

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A fashion week guest seen wearing red Adidas yeezy shoes, outside paul and joe during London Fashion Week September 2022 on September 17, 2022 in London.

Jeremy Moeller / Contributor / Getty Images

German sportswear giant Adidas on Monday said it expects a significantly smaller operating loss for the year after recording better-than-expected early sales of its Yeezy stock, which it is offloading after cutting ties with collection creator Ye.

Shares of Adidas were 6.3% higher at 10:22 a.m. BST Tuesday after the company said its potential write-off from remaining inventory was now €400 million ($442.5 million), down from €500 million, as it trimmed its operating loss forecast for 2023 to…



Source cnbc.com

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