Adidas has raised its profit outlook for the year after a better-than-expected first quarter.

The news comes after Adidas reported its first losses in 30 years in March, following the financial fallout from abandoning its deal with Kanye West following his antisemitic remarks.

The sportwear brand said its quarterly operating profit had hit £286.6m, compared to £51.2m the year prior.

It added that it had sold another £128m worth of Yeezy products during the quarter at a profit of roughly £43m.

Subscribe to Retail Gazette for free

 Sign up here to get the latest news straight into your inbox each morning 

Adidas said the rest of its Yeezy stock would likely be sold for around £171m later in the year, without any additional profit. In 2023, the company pledged to donate some of its proceeds made from its remaining Yeezy stock to charity.

Adidas stopped selling Yeezy shoes in October 2022, after ending its nine-year relationship with West following several racist comments.

The group had been under pressure from investors over its partnership with the rapper and its handling of misconduct allegations against West.

Click here to sign up to Retail Gazette‘s free daily email newsletter