Adidas Beats Revenue Expectations Despite Costly Yeezy Struggles
May 5, 2023
Adidas’ Yeezy crisis has hit the company hard — but its first-quarter financials were not as bad as expected.
The sportswear giant reported $5.82 billion in Q1 2023 revenue — a 1% dip from $5.85 billion a year prior.
Those numbers actually outperformed projections from financial analysts, who expected a 4% drop, according to consensus estimates compiled by the company. Adidas also reported that it had an operating profit of $66.19 million, which beat analyst projections by $16.55 million. FOS
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