Adidas has revised its guidance for 2023 as the initial sale of its leftover Yeezy inventory is expected to narrow its operating loss to $499 million from its previous estimate of $775 million.
The company revealed that it has received $565 million worth of orders from releasing four million pairs of Yeezy shoes. Its projections could further improve based on future sales of the remaining inventory, even though it plans to donate a significant share of its sales to organizations that work to end hate speech and discrimination.
The news comes two months after the German sportswear giant began selling the remaining Yeezy shoes leftover from its defunct partnership with rapper Ye, formerly Kanye West.