The loss of €75 million (US$82 million) followed a profit of €612 million the previous year.

Sales fell by 5% to €21.4 billion, and were hit particularly hard in the US due to the discontinuation of sales of Yeezy trainers that were designed with West.

Sales slipped slightly in the fourth quarter, with a particularly heavy fall in North America as Adidas sold less to wholesalers as it sought to reduce excess inventory.

In 2022, Adidas broke off its contract with West after he made a series of anti-Semitic remarks, leaving it stuck with thousands of unsold Yeezy shoes they had developed together.

Two Yeezy sales in 2023 brought in €750 million, well below the €1.2 billion of revenue the logo had generated in 2022.

Adidas is giving profits from the sales to charities.

In 2024, Adidas expects sales to grow at a “mid-single-digit rate”. The company aims to sell the remaining Yeezy revenue at cost, which would result in sales of around €250 million.