Monday, April 15, 2024

The Yeezy mess contributes to Adidas losing money as sales drop in the United States

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Adidas had a tough year in 2023, losing money due to problems with rapper Ye, fewer sales in North America, and a big tax bill.

The German company lost €58 million ($63 million) in its main business because people bought less Yeezy stuff and it had to pay more taxes.

The chief financial officer said they didn’t do well in 2023.

Adidas stocks dropped about 4% early on but got a bit better later.

They’ve been selling their remaining Yeezy stuff and plan to give a lot of it to groups fighting discrimination and hate.

Their taxes were higher in 2023, but they think things will get better.

Adidas expects to sell less in North America again this year, but they’re doing better in China.

They’re making more money from selling shoes, like Samba and Gazelle, but less from selling clothes.

Overall, Adidas made €268 million ($293 million) last year, which is less than before.

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