Global sportswear brand adidas posted a loss for the first time in over 30 years for the 2023 financial year, it has been revealed.

The Germany-based heavyweight lost €75 million ($81.8 million) in 2023 after making a profit of €612 million in 2022.

Revenues fell to €21.4 billion, a drop of 5%, as sales of the 'Yeezy' brand of trainers were discontinued.

However, the sportswear giant has forecast an operating profit of around €500 million for 2024, and that sales should grow in the ‘mid single-digit’ range.

The financial results have been heavily impacted by Adidas ending its collaboration with controversial music artist Kanye West in late 2022.

The ending of this relationship – after West made various anti-semitic comments – meant the discontinuation of the popular line of ‘Yeezy’ trainers that Adidas and West had designed together. Adidas is now only able to sell off the remaining stock in that line.

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Adidas is now donating a portion of the profits from the sale of Yeezy products to various anti-hate groups. Last year, that figure came to €140 million.

Bjorn Gulden, Adidas’ chief executive (who has only been in the post since the start of 2023), said: “Although by far not good enough, 2023 ended better than what I had expected at the beginning of the year.”

In 2024, meanwhile, Adidas expects its underlying business to secure growth of at least 10% in the second half of the year.

Last month, Adidas extended its long-running kit supply agreement with French top-tier soccer side Olympique Lyonnais.