Adidas shares slumped as much as 11% on Friday after the sportswear maker warned the fallout from its split with Kanye West could wipe out operating profits this year, its fourth profit warning in less than six months.
An Adidas logo is pictured inside a shoe before the company annual general meeting in Fuerth near Nuremberg, Germany, May 11, 2017. REUTERS/Michaela Rehleshares slumped as much as 11% on Friday after the sportswear maker warned the fallout from its split with Kanye West could wipe out operating profits this year, its fourth profit warning in less than six months.
It forecast a high single-digit percentage decline in sales this year. Analysts had on average had expected a 4% rise in 2023 revenue on a currency-neutral basis and operating profit of 1.02 billion euros, according to figures on Adidas' website."While the company continues to review future options for the utilisation of its Yeezy inventory, this guidance already accounts for the significant adverse impact from not selling the existing stock," it said in a statement.
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