LONDON, May 7 (Reuters): Adidas reported better-than-expected quarterly results and said the Chinese market was improving, sending its shares up 8 per cent, although its chief executive warned the group still faces a "bumpy year with disappointing numbers".
The German sportswear giant is forecasting a loss this year after ending its Yeezy partnership with rapper Kanye West, who changed his name to Ye in 2021.
Losing the highly profitable Yeezy line hit sales in the quarter by around 400 million euros ($440 million), Adidas said, mainly denting revenue across North America, Greater China and EMEA. But after six months of relentlessly gloomy news, investors were cheered by some early signs of recovery.
"Adidas is managing investors' expectations," said Mamta Valechha, equity research analyst at Quilter Cheviot, which holds shares in Adidas.
Adidas shares leap on results
FE Team | Published: May 08, 2023 00:06:42
Adidas shares leap on results
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