Losing the Yeezy brand is “of course hurting us”, Gulden said in a statement. The breakup will reduce earnings by 500 million euros this year if Adidas decides not to sell the remaining Yeezy stock, the Herzogenaurach-based company said.
Net sales declined 1 per cent in the first quarter, to 5.27 billion euros, and would have risen 9 per cent with the Yeezy line, the company said. It reported a net loss of 24 million euros, a plunge from a profit of 310 million euros in the same period a year ago.
Operating profit, which excludes some items like taxes, was down to 60 million euros from 437 million euros a year earlier.
Gulden said the results for Adidas were “a little better than we had expected” as the company seeks to restart growth and move beyond the breakup with Ye. He called 2023 “a year of transition” on the way to “a better ’24 and a good ’25”.
