Adidas sales should decline only marginally in 2023, a better result than previously anticipated, the sportswear giant said on Thursday, 3rd August, admitting that the launching of Yeezy shoes helped narrow the year’s predicted loss.

The revised forecast comes after Adidas shares have increased 40 per cent since the year’s beginning as investors have placed their faith in CEO Bjorn Gulden to revive the company following a tumultuous split with Ye, formerly known as Kanye West, over his antisemitic remarks.

Sales of extra Yeezy trainers brought in about € 400 million (US $ 437 million) in the quarter, which assisted Adidas in lowering its projected loss for the year from €700 million to €450 million.

“The sale of the first part of the Yeezy inventory did of course help both our top and bottom line in the quarter,” said Gulden.

Gross margins increased by 0.6 percentage points to 50.9 per cent, which Adidas said reflected less discounting.