Adidas is planning to sell its remaining Yeezy inventory at cost after its break-up with Kanye West. The company expects its operating profit to nearly double to about $542.3 million this year. Adidas' decision not to write off most of its Yeezy inventory helped its fourth-quarter earnings exceed company guidance. However, the sportswear maker delivered a forecast for 2024 well below analysts' expectations, causing its shares to fall. Adidas aims to mitigate some of a €1 billion currency hit by continuing to sell leftover Yeezy inventory. The company's conservative projections for 2024 have led to a sharp slump in its shares, in line with similar predictions from other sportswear brands.
Adidas makes a surprising decision on Kanye West's Yeezy brand https://t.co/dU72Zytseu
Adidas is the latest sportswear brand to forecast weak 2024 profits, following similarly sobering predictions from Puma, Nike, and JD Sports. Here's why. https://t.co/sGSiEN1KUA
Adidas shares slumped sharply Thursday morning after the company’s conservative projections for 2024 fell short of analyst expectations. https://t.co/wAlvdgB6HG
Adidas says it plans to sell remaining Yeezy sneakers https://t.co/l9EJz4sJyr
Adidas joins sportswear peers in warning of tough 2024 https://t.co/eHwsqzuPCc https://t.co/z7W8QRyUkU
Adidas Shares Fall After Conservative 2024 Projections—But Company Plans To Sell Leftover Yeezys To Buffer Hit https://t.co/rhIy8u81Cg https://t.co/fks8z777SP
Adidas’ fourth quarter earnings were helped by a decision not to write-off the stock Kanye West’s Yeezy product line and sell the sneakers at cost. The German sportswear giant also forecast a nearly double operating profit of over $542 million this year https://t.co/atRmPFpnIk https://t.co/R2gDOXiItJ
Adidas plans to mitigate some of a €1 billion currency hit by continuing to sell left-over inventory from its defunct Yeezy partnership with the rapper Ye https://t.co/5gmBbLeAlh
⚠️ ADIDAS SHARES FALL AFTER CAUTIOUS 2024 OUTLOOK (Reuters) Adidas shares fell on Thursday after the sportswear maker delivered a forecast for 2024 well below analysts' expectations, based on limited profits from selling off its last stocks of Yeezy shoes after its break-up… https://t.co/TUPQhLw8qc
WATCH: German sportswear maker Adidas expects operating profit to nearly double to about $542.3 million this year as the company moves on from its break-up with Kanye West and the discontinuation of his Yeezy product line https://t.co/nkUYUi4aQU https://t.co/4lGQWFNjHO
German sportswear maker Adidas expects operating profit to nearly double to about $542.3 million this year as the company moves on from its break-up with Kanye West and the discontinuation of his Yeezy product line https://t.co/atRmPFoPSM https://t.co/pGzpw5S6zS
Adidas Sees Challenges in North America. It’s a Warning Shot for the Athletic Sector. https://t.co/OQ2v0VFW6z
Adidas said its revenue and operating profit exceeded company guidance, helped by its decision not to write off most of its Yeezy inventory https://t.co/TrsULS7lrw https://t.co/TrsULS7lrw
2 Retail Short Calls “Don't Have a Snot’s Worth of Chance” @HedgeyeRetail and @HedgeyeRetailJM warned investors not to buy the Adidas & Amer Sports hype. Today, the other shoe dropped. $ADDYY is down 7%, and $AS cut its pre-IPO price by 24%. Read more: https://t.co/Yopp5JKCE3 https://t.co/Vp08X5myuT
Adidas guides full year lower on currency, poor execution and "a world full of uncertainty" (really). $SKX and $DECK report tomorrow. Neither is expected to get hammered by the uncertain world. Boot-stomping $ADDDF and $NKE over the last 3yrs. https://t.co/y4yyuTTFtO https://t.co/icv1xNltLn
Adidas predicts 2024 operating profit leap after Kanye West break-up https://t.co/MueTaVsmFj https://t.co/tqov8p1Llr
Adidas won't write off remaining Yeezy inventory, plans to sell 'at least' at cost https://t.co/V9jr7CcMVK