// Adidas expects to lose over £1bn in annual sales and £443m in operating profit this year
// The warning comes after it ended its partnership with rapper Kanye West in November following his antisemitic comments
Adidas has warned on losses after ending its partnership with rapper Kanye West following his antisemitic comments last November.
The sportswear giant expects to lose over £1 billion in annual sales and £443 million in operating profit this year if it decides not to sell its stock of Yeezy sneakers.
The company is currently reviewing its options for its Yeezy inventory.
Adidas cut ties with West, effectively ending the production of its Yeezy branded products, saying it “does not tolerate antisemitism”.
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“The numbers speak for themselves. We are currently not performing the way we should,” Adidas CEO Bjørn Gulden said.
Adidas said it was still deciding whether to scrap its remaining Yeezy stock and would take a €500m (£443m) hit to its profits if it is all written off.
Adidas said it expects to return to profit in 2024.
