Wednesday November 29, 2023

Yeezy Sales Generate $374M In Weak Quarter For Adidas

  • Adidas has continued to sell Yeezy shows in the wake of Ye's antisemitic comments.
  • The brand is donating proceeds from the sales to anti-hate groups.
Adidas Yeezy shoes on a shelf.
Shutterstock
Linkedin
Copy Link
Link Copied
Link Copied

Adidas didn’t post a strong earnings report for its most recent fiscal quarter — but its association with controversial rapper Ye, formerly known as Kanye West, continues to stoke high interest among consumers.

Sales of the brand’s Yeezy shoes brought in $374 million during Adidas’ third quarter. After initially parting ways with the rapper in the wake of his antisemitic comments, Adidas had more than $1 billion worth of Yeezy stock remaining. The most recent report brings the total revenue from Yeezy sales past $800 million since the relationship ended. 

Instead of destroying the remaining Yeezy merchandise, Adidas decided to continue selling it and donate the proceeds to anti-hate groups. The company has yet to decide whether it will sell the remaining $320 million of stock next year or write off the inventory as a loss.

Overall, Adidas reported a significant decline in operating profits year-over-year, down 27.5% to $438 million — with the Yeezy saga a major factor in the business losses. Total revenue was down 6% to $6.41 billion, including a 10% dip in North American sales.

Adidas stock remains relatively flat, down less than 2% but not falling below $90, as of Wednesday afternoon.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

Could Panthers' Ongoing Setbacks Lead To A Surprise Move?

The Panthers are searching for yet another head coach.

Oakland Baseball Goes From A's To B's

Baseball's independent Pioneer League placing team in Bay Area city.
Tiger Woods at the PGA Tour's Hero World Challenge

Tiger Points To 'Options' As PGA Tour-PIF Deadline Nears

The two sides have a self-imposed Dec. 31 deadline to complete a deal.
Jon Rahm tees off on the 15th hole during the first round of the PGA Championship in Rochester, New York.

Will PGA Tour's No. 3 Player Bolt For LIV Golf's Reported $600M Offer?

Jon Rahm is reportedly considering a $600 million offer.
podcast thumbnail mobile
Front Office Sports Today

Report Claims Sports Illustrated Publishes AI-Generated Articles

0:00
0:00

Featured Today

Lane Kiffin

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.
LSU Lady Tigers head coach Kim Mulkey reacts against the Iowa Hawkeyes during the NCAA Womens Basketball Final Four National Championship at American Airlines Center.
November 6, 2023

Who Is The Highest-Paid Women’s College Basketball Coach?

LSU rewarded Kim Mulkey after winning a national title after her second year leading the program.
The Pac-12’s Collapse Will Have Ripple Effects on College Basketball.
November 6, 2023

The Pac-12’s Collapse Will Have Ripple Effects on College Basketball

The existing Pac-12 host a college basketball season for the last time.
Favre Presley
November 3, 2023

Brett Favre Controversy Casts Shadow Over Mississippi Gubernatorial Race

Candidate Brandon Presley has made the scandal one of his talking points.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Wasserman
Multiple - USA Careers
Live Nation
Multiple - USA Careers
Saco Bay PT
Multiple - USA Careers
San Antonio Spurs center Victor Wembanyama dribbles up the court in the first half against the Dallas Mavericks at the Frost Bank Center.

Wembanyama Spurs Debut Jersey Fetches Record Auction Price

The jersey sold for $762,000 — the most ever for an NBA rookie.
Under Armour
November 9, 2023

Under Armour Is Latest Sportswear Giant To See Revenue Drop

North American sales were weak in the most recent quarter.
November 14, 2023

Roger Federer-Backed On Is Growing While Others Stumble

Federer backs Swiss athletic shoe and apparel maker On.
Sponsored

USGA’s Amanda Weiner on Delivering
Personalized Fan Experiences with
 AI and Automation

How the USGA is using AI to streamline content creation and distribution.
Puma headquarters in Herzogenaurach, Germany
October 24, 2023

Puma Thriving In Europe Despite Weak U.S. Market

German brand continues to report solid earnings despite headwinds
Taylor Swift reacts while sitting next to Donna Kelce watching the Kansas City Chiefs vs Chicago Bears game during the first half at GEHA Field at Arrowhead Stadium.
September 28, 2023

Taylor Swift Is Affecting The NFL, Chiefs Ticket Markets

Swift will visit her second NFL stadium in as many weeks.
Resellers who passed $600 in ticket sales on marketplaces such as StubHub and Ticketmaster now need to report their activity to the IRS.
September 25, 2023

IRS Lowers Threshold to Tax Ticket Resellers for Sports, Concerts

The IRS lowered its ticket sales threshold from $20,000 to $600.
Fanatics is buying auction marketplace PWCC.
September 20, 2023

Fanatics Nabbing WWE Rights In Latest Win Over Panini

Fanatics will take over WWE's trading card rights.