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

Credit: REUTERS/ANDREAS GEBERT

Corrects paragraph 3 to show the 100 million euro forecast figure was a loss, not profit

MUNICH, Jan 31 (Reuters) - German sportswear maker Adidas ADSGn.DE 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)

(Reporting by Alexander Huebner Writing by Tom Sims Editing by David Goodman)

((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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