Sportswear giant Adidas has lifted its revenue forecast and cut its expected loss for 2023, citing Yeezy shoe sales and a stronger core business.
The German company said it now expects an operating loss for 2023 of around €100m, from a previously expected €450m.
Shares in Adidas have gained 34% since the start of the year as investors gain confidence in CEO Bjorn Gulden's ability to turn the company around after a break-up with rapper Ye triggered by antisemitic comments he made in interviews. Adidas has been selling its remaining stock of Yeezy shoes since the end of May, helping narrow an expected loss, which was initially forecast as coming in at €700m in March.Adidas will be making further donations to charity from the proceeds, he said, without giving a specific amount.