Adidas Sees Smaller 2023 Loss Thanks to Yeezy Sales
July 25, 2023
Reuters
Adidas expects a smaller operating loss of 450 million euros ($498.56 million) this year, thanks to unexpectedly strong sales of Yeezy shoes left over from their terminated collaboration with rapper Kanye West (Ye). The German sportswear giant had previously forecasted a loss of 700 million euros for the year, but the success of Yeezy sales is likely to please investors as CEO Bjorn Gulden aims to turn the company’s fortunes around. Despite a 5% drop in group revenue in the second quarter, Adidas’ gross margin rose, and the company believes potential future Yeezy drops could further improve its results.
Recent News
-
Brands Embrace AI to Revolutionize Customer Experience
In a bid to enhance customer interactions and reduce the drawbacks of live customer service, brands are turning to AI solutions, from chatbots to innovative food delivery robots. Home Chef, a meal-kit-delivery service, employs the virtual assistant Herb to streamline…
-
Tesla’s Growth Slowdown Sends Warning Signals to Electric Vehicle Industry
Morgan Stanley analyst Adam Jonas suggests that Tesla’s recent tempered growth expectations indicate potential challenges for the broader electric vehicle (EV) industry. Following Tesla’s disappointing third-quarter results and cautious earnings call, Jonas believes there’s a ripple effect across the EV…
-
Housing Market Faces Continued Affordability Crisis as Mortgage Rates Near 8%
The housing market in the United States is witnessing its most challenging phase in years, with mortgage rates inching toward 8% and prices soaring for three consecutive months. Data reveals that September experienced the lowest housing sales in 13 years….
-
Elon Musk’s X Plans New Paid Subscriptions Amid Reports of Declining Web Traffic
Elon Musk’s X is set to introduce two new subscription tiers despite reports of a significant decline in web traffic. The Tesla CEO shared on X that one tier would be lower cost with all features but no ad reduction,…