TL;DR CNBC

Adidas shares tank after company issues warning over unsold Yeezy stock

Publishing timestamp: 2023-02-10 07:48:36

Summary

Adidas shares dropped 11% after the company announced that it could lose 1.2 billion euros in revenue in 2023 if it is unable to sell its existing Yeezy stock. The company also forecast one-off costs of up to 200 million euros, leaving Adidas' worst-case scenario for the year as a 700 million euro loss for 2023.

Sentiment: NEGATIVE

Tickers: 0OLD-GB,  ADS-DE, 

Keywords: adidas ag,  business news,  apparel retail,  sports,  retail industry, 

Source: https://www.cnbc.com/2023/02/10/adidas-could-take-a-1point3-billion-revenue-hit-if-it-cant-shift-its-yeezy-stock.html