Adidas upgraded its earnings outlook for the year Thursday, in part because of demand for the company’s remaining stock of its discontinued Yeezy merchandise. The first sale of the Yeezy merchandise brought in €400 million ($437 million) during the second quarter. Last week, Adidas said it would put another batch of its Yeezy inventory up for sale during August. CEO Bjørn Gulden said Thursday that Adidas had sold between 20% and 25% of its stock of Yeezy shoes, according to Reuters. Adidas said its 2023 outlook does not include the second Yeezy release.

Source: CNN August 03, 2023 13:26 UTC