Adidas Slashes Dividend as Problems Mount

Adidas may sell its Yeezy sneaker inventory and donate the proceeds, as it grapples with the fallout from ending its Kanye West partnership

HERZOGENAURACH, Germany— Adidas AG is facing a slump in China and a $6 billion mountain of unsold inventory, adding to its challenges after a bruising 2022 in which it dumped its chief executive and terminated its partnership with rapper Kanye West.

The German sportswear giant’s revenue increased 6% last year to 22.5 billion euros, equivalent to $23.7 billion, while its net profit fell 83% to €254 million. In the fourth quarter, revenue growth almost ground to a halt and the company posted a €482 million loss. Adidas also slashed its dividend by almost 80%.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

WSJ /  🏆 98. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Adidas to slash dividend after Kanye West splitAdidas will slash its 2022 dividend, it said Wednesday, warning a split with rapper and fashion designer Kanye West could push it to its first annual loss in three decades this year.
Read more »

Adidas to slash dividend after Kanye West splitAdidas is slashing its dividend as the company deals with fallout from ending its partnership with Kanye West.
Read more »

Adidas boss eyes turnaround after Kanye West splitAdidas will slash its 2022 dividend, the sporstwear maker said on Wednesday, after warning a split with the artist formerly known as Kanye West could push it to its first annual loss in three decades this year.
Read more »

Adidas Slashes Dividend as Problems MountA slump in China and a mountain of unsold products are among the challenges facing Adidas after a bruising 2022 in which it dumped its chief executive and ended a partnership with rapper Kanye West.
Read more »

New 'Scream VI' Teaser Trailer Takes Audiences Into Ghostface's Hidden ShrineA new trailer for ScreamVI takes audiences into Ghostface's hidden shrine.
Read more »

Adidas warns of first annual loss in three decades and cuts dividend after Ye splitAdidas on Wednesday reported a substantial fourth-quarter loss and slashed its dividend, following the costly termination of its partnership with Kanye West's Yeezy brand in October.
Read more »