Adidas breakup with rapper Ye, lost Yeezy sales hit earnings

Adidas saw operating earnings dwindle in the first three months of the year as the German sportswear company’s breakup with the rapper formerly known as Kanye West and his popular Yeezy shoe brand cost it $441 million in lost sales. The company said Friday that profit was down to 60 million euros from 437 million euros in the same quarter a year ago. New CEO Bjorn Gulden says losing the Yeezy brand is “of course hurting us.” The company hasn't said what Adidas will do with $1.3 billion worth of unsold Yeezy shoes a year after the company cut ties with the rapper now known as Ye following his antisemitic comments on social media and in interviews.