Adidas (Herzogenaurach, Germany) said it has sold roughly $111 million worth of Yeezy products since making those goods available for purchase in late May. The footwear and sporting apparel brand disclosed that figure in its preliminary second-quarter results, which showed the potential write-off of the remaining Yeezy inventory now stands at $441 million, down from $552 million, and that the company now expects to report an operating loss of about $497 million for the full year, down from a previous estimate of $773 million.
“The company’s top- and bottom-line development in the quarter was positively impacted by the first sale of some of its Yeezy inventory as announced at the end of May,” the company’s latest earnings statement said.
All this follows adidas cutting ties with Ye, the artist behind the Yeezy line, over antisemitic comments he made. (Ye is the artist formerly known as Kanye West.)
“If successful, potential future Yeezy drops would further improve the company’s results,” adidas’ earning statement noted.