{"id":40818,"date":"2023-07-26T15:29:34","date_gmt":"2023-07-26T19:29:34","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/adidas-stock-climbs-its-yeezy-loss-wont-be-as-bad-as-thought\/"},"modified":"2023-07-26T15:29:36","modified_gmt":"2023-07-26T19:29:36","slug":"adidas-stock-climbs-its-yeezy-loss-wont-be-as-bad-as-thought","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40818","title":{"rendered":"Adidas Stock Climbs. Its Yeezy Loss Won&#8217;t Be as Bad as Thought."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000701573\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>Shares of Adidas were climbing after the sports apparel maker said its 2023 losses\u00a0wouldn\u2019t be as bad\u00a0as initially thought after selling some of the $1.3 billion in inventory it has of its Yeezy line of sneakers. <\/p>\n<p>American depositary receipts of Adidas (ticker: ADDYY) were up 5.5% in premarket trading Tuesday, and closed up 1.5% at $99.76. Shares are up 47% so far this year.<\/p>\n<div class=\"paywall\">\n<p>The shoe line was associated with<br \/>\n        Adidas<span>\u2019s<\/span><br \/>\n       now-canceled partnership with the rapper Ye, formerly known as Kanye West. <\/p>\n<p>Adidas now sees a\u00a02023 operating loss of $499 million, instead of an earlier forecast of $776 million. It expects a potential write-off of $443 million for its remaining Yeezy inventory, also lower than its previous forecast. More Yeezy inventory sales could improve results further, Adidas said.<\/p>\n<p>The German apparel maker also said second-quarter results were better than expected. Revenue dropped 5% but\u00a0beat analysts\u2019 forecasts. Gross margin for the quarter climbed to 50.9%, from 50.3% in 2022.<\/p>\n<p>Adidas severed its partnership with Ye in October, citing a string of anti-Semitic comments and actions it called \u201cunacceptable, hateful and dangerous,\u201d leaving questions about\u00a0what it would do\u00a0with its unsold Yeezy-branded sneakers.<\/p>\n<p>Adidas said in May it would\u00a0sell some of the inventory\u00a0and share \u201ca significant amount\u201d of the proceeds with groups fighting hate speech.<\/p>\n<p>Adidas spokesperson Stefan Pursche told <em>Barron\u2019s<\/em> in an email that \u201ca significant amount from the Yeezy proceeds will be donated to selected organizations working to combat discrimination and hate, including racism and antisemitism. These include but are not limited to the Anti-Defamation League (ADL) and the Philonise &amp; Keeta Floyd Institute for Social Change.\u201d<\/p>\n<p>Balenciaga,\u00a0Gap (GPS),\u00a0and\u00a0<br \/>\n        Foot Locker<br \/>\n      \u00a0(FL) also cut ties with West, though Ye said he stopped working with Gap.<\/p>\n<p>Adidas updated its full-year guidance, saying it now expects revenue to drop at a mid-single-digit rate in 2023, rather than at a high-single-digit rate. CEO Bjorn Gulden said he is optimistic about increasing demand from China and about making more of its Samba sneakers.<\/p>\n<p>Write to Janet H. Cho at janet.cho@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/adidas-stock-price-yeezy-sales-4f42e631?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of Adidas were climbing after the sports apparel maker said its 2023 losses\u00a0wouldn\u2019t be as bad\u00a0as initially thought after selling some of the $1.3 billion in inventory it has of its Yeezy line of sneakers. American depositary receipts of Adidas (ticker: ADDYY) were up 5.5% in premarket trading Tuesday, and closed up 1.5% at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":40819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-40818","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Adidas Stock Climbs. 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