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Adidas ahead after getting out of Kanye West deal
Adidas has bounced back from its bruising relationship with rapper Kanye West and said it expects to make a profit of €700m (£598m) in 2024.
In February the German sportswear giant said it planned to sell the remaining Yeezy trainers from its partnership with West at at least cost.
Tuesday’s upbeat comments from Adidas came a month after the company posted its first loss in 30 years.
It makes Samba, Gazelle and Kampus shoes.
The company said the revised figure was €200 million more than initially forecast and down to a better-than-expected first quarter of the year.
The company said its quarterly operating profit had reached €336 million, up from €60 million a year earlier when it was hit by the split with West.
Adidas further said it had sold another €150 million worth of Yeezy products in the quarter, with a profit of around €50 million.
It said its remaining Yeezy shares may be sold for about €200 million later this year, but without any further profit.
Last year it pledged to donate a portion of sales proceeds to charities working to fight hate.
Adidas makes millions from Yeezy sales
Adidas cut ties with West in November 2022 over antisemitic comments he made on social media, but the company still has a diverse fan base with wealthy and powerful customers.
Sunak apologizes ‘fulsome’
Last week Adidas and its Samba brand hit the headlines after it emerged British Prime Minister Rishi Sunak had been one of its customers for “years”.
Aware that his serious reputation may not go down well with other Samba wearers, Mr Sunak issued a “profound” apology on LBC radio but said he was a “long-time fan” of the Adidas brand.
But while the global firm has warned its profits will be hit by the Yeezy deal, it has also drawn attention to the devaluation of the Argentine peso at the end of 2023.
Adidas has been the shirt maker for Argentina’s national soccer team for decades.
Rival sportswear firm Puma also said the devaluation of Argentina’s currency hit its financial results as the region is its biggest and fastest-growing market.
