RE: Shore Capital Buy rating1 Feb 2024 06:32
Adidas has issued some good news and we normally rise and fall with them,
👟 Adidas will sell its remaining Yeezy stock at cost. The German sportswear maker expects operating profit to nearly double this year as the effects of its break-up with Kanye West dissipate. It preannounced a full-year 2023 operating profit of 268 million euros, well above the 100 million euro loss initially forecasted by CEO Bjorn Gulden. The primary driver of this strength was its decision not to write off 300 million euros in Yeezy inventory and instead sell the remaining product at cost