2023-07-24 20:22:07
By Le Figaro with AFP
Posted 2 hours ago, Updated 1 hour ago
He also reported at the same time in the second quarter an operating profit of 176 million euros, down 55% year on year. HONGZHI LUO /Adobe Stock
The group expects an operating loss of 450 million euros in 2023, against 750 million euros so far.
The German sports equipment manufacturer Adidas raised its operating profit forecast for 2023 on Monday, with a loss now expected reduced to 450 million euros, against 700 million euros anticipated so far. In a press release, the group explained this improvement by “l’impact positifwhich is beginning to be felt in the accounts following the sudden stoppage of production des baskets Yeezy developed with controversial rapper Kanye West. In particular, the stock of unsold shoes, which weighed very heavily financially, is gradually being reduced. The volume of possible provisions for impairment has been reduced by 100 million euros in value, to 400 million euros now, Adidas added.
In addition, the Adidas Group’s overall sales have “a little better evolvedthan expected, he said in the statement. The group reported at the same time in the second quarter an operating profit of 176 million euros, admittedly down 55% over one year, but up compared to the result of the first quarter, which was only 60 million euros. Turnover in euros over the period fell over one year by 5% to 5.34 billion euros. However, excluding exchange rate developments, sales reached the same level as the same period last year, according to Adidas.
The halt since October in sales of sneakers by Kanye West, now known as Ye, came after a series of slip-ups by the celebrity, including being pinned for anti-Semitic remarks.
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