Adidas predicts 2024 leap in operating profit after Kanye West break-up By Reuters

© Reuters. FILE PHOTO: Adidas merchandise is seen in an Adidas store in Garden City, New York, U.S., October 25, 2022. REUTERS/Shannon Stapleton/File Photo

MUNICH (Reuters) – German sportswear maker Adidas (OTC:) expects operating profit to nearly double to about 500 million euros ($542.3 million) this year after the company’s break-up with Kanye West and the discontinuation of its Yeezy business.

Adidas booked an operating profit of 268 million euros in 2023, down from 669 million euros a year earlier, according to an unscheduled preliminary earnings announcement.

That beat the 100 million euro loss previously forecast for 2023 by CEO Bjorn Gulden.

($1 = 0.9220 euros)

(This story has been corrected to clarify that the 100 million euro forecast figure was a loss, not profit, in paragraph 3)

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