Adidas earnings take beating on breakup with Ye, China slump
The fourth-quarter loss, also attributed to higher supply costs and slumping revenue in China, contrasts with a profit of 213 million euros in the same period a year ago, the German shoe and sportswear maker said Wednesday.
Adidas split with Ye in October following the rapper’s antisemitic remarks on social media and in interviews, facing pressure along with other brands to end ties. The company is now grappling to find ways to replace its banner Yeezy line, which analysts have said amounted to as much as 15% of its net income.
Fourth-quarter net sales were up a bare 1.3% at 5.21 billion euros from the same quarter a year ago, held back by around 600 million euros in lost revenue by the decision to halt the partnership with Ye. For the full year, the Herzogenaurach, Germany-based company said it made net profit of 638 million euros on sales that rose 6%, to 22.5 billion euros.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
6 puppies die in Terrace carport fire - Terrace Standard2 puppies and their mother survived, no people were injured
Lire la suite »
Year after the slap, Chris Rock punches back in new special - Terrace StandardA year after Will Smith smacked him on the Academy Awards stage, Chris Rock finally gave his rebuttal in a forceful stand-up special, streamed live on Netflix, in which the comedian bragged that he “took that hit like Pacquiao.”
Lire la suite »
Watchdog reprimands logging company for large clearcut near Kootenay community - Terrace StandardWatchdog reprimands logging company for large clearcut near Kootenay community
Lire la suite »
Young musicians host a telethon to raise funds - Terrace StandardThe event was to help fund their trip to MusicFest in May
Lire la suite »
Riskiest scams in Canada come from home renovations, cryptocurrency: BBB - Terrace Standard2022 report reveals increases in scam susceptibility, average amount of money lost
Lire la suite »