Adidas has reported a drop in sales but better than expected profits in the wake of its high-profile split from shamed rapper and fashion designer Kanye West
It had no update on Friday on its plans for the goods which could, potentially, be written off entirely or re-purposed.
Adidas said it was still on course to record its first annual loss in three decades this year, estimated at £612m, when it updated investors on its progress for the first three months of 2023. Net sales declined 1% to £4.6bn while net profits fell to £52m from the £384m achieved in the same period last year, the company said.Kanye West shares image of swastika and praises Hitler
North America proved the main drag on sales but Adidas said partnerships with Bad Bunny, Pharrell Williams and Jerry Lorenzo's Fear of God brand were helping it offset some Yeezy revenue losses.
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