Adidas posted flat sales in the first quarter of 2023, as the global sportswear giant admitted the loss of the Yeezy brand is “of course hurting us”.
Adidas reported gross profit of €2.3bn (£2bn), down 10.8% from €2.6bn (£2.2bn) in the first quarter of 2022. Operating profits plunged 86.2% to €60m (£52.5m) from €437m (£382m) the previous year.
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