Adidas losses mount as company eyes options for ditching Yeezy shoes

Adidas warned Wednesday that it could incur its first annual loss in decades amid the ongoing fallout over its now-defunct collaboration with Kanye West, a rupture that largely drove its $763 million fourth-quarter loss.

Chief executive Bjorn Gulden said 2023 will be a “transition year” as the German sportswear giant seeks to offload its inventory of Yeezy — the highly profitable fashion brand created with the rapper, who now goes by Ye — and reorient back to its core business. The company can start to build a profitable business again in 2024, Gulden said.