Yeezy fiasco helps push Adidas into loss as US sales continue to fall

News Snapshot:

London CNN — Adidas has slumped to a rare annual loss, hit by the fallout from its costly break-up with rapper Ye, falling sales in North America and a huge tax bill. The German sportswear giant posted a net loss of €58 million ($63 million) in its core business in 2023, as revenue was hurt by lower sales of Yeezy-branded clothing and sneakers, while its tax burden shot up. “We didn’t have a great year in 2023,” chief financial officer Harm Ohlmeyer told journalists Wednesday. Shares in Adidas fell almost 4% in early trade, before paring most of those losses...