Adidas warns of falling sales in North America as it continues to sell off Yeezy inventory

Currency-neutral sales in North America are expected to decline at a mid-single-digit rate in 2024, but are expected to grow at a mid-single-digit rate worldwide.

Adidas confirmed its 2023 operating profit came in at 268 million euros on the back of flat currency-neutral sales, significantly above prior expectations as the company continues to take a hit from the cessation of its line of Yeezy — footwear the retailer produced in a collaboration with American rapper Ye, formerly known as Kanye West.For the fourth quarter, the company posted an operating loss of 377 million euros. The board proposed a flat dividend of 0.70 euros per share.

Ukraine war live updates: Russia is ready for nuclear war, Putin warns, and Moscow will conduct nuclear tests if the U.S. does, when it announced that it would not write off the majority of its Yeezy inventory and would instead sell off the remaining shoes at cost.

Source: News Formal (newsformal.com)

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