Addidas ($ADDYY@Germany) reported wide fourth-quarter losses on Wednesday and cut its dividend following the sportswear giant’s split with Kanye West’s Yeezy brand in October. The German sportswear giant posted a fourth-quarter operating loss of 724 million euros ($763 million.) The company will recommend a dividend of 70 euro cents per share at its annual meeting on May 11th, down from 3.30 euros per share in 2021. Adidas forecasts a full-year operating loss of 700 million euros in 2023, marking its first annual loss in 31 years. The estimate includes 500 million euros ($526 million) in potential Yeezy inventory write-off and 200 million euros ($210 million) in “one-off costs.”
