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Adidas makes $437 mln from Yeezy shoe sales, cutting projected loss

Reuters ECONOMY
Published August 03,2023
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Adidas sales fell 5% in the second quarter but a release of Yeezy shoes helped its profit margin increase, narrowing a projected loss, the company said on Thursday, confirming figures released last week.

Sales of surplus Yeezy shoes generated around 400 million euros ($437 million) in the quarter, helping Adidas reduce its predicted loss for the year to 450 million euros, down from the 700 million euro loss previously expected.