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Adidas warns of first annual loss in three decades

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The company attributes this to the end of the Yeezy partnership with Kanye West

Adidas has warned its split with Kanye West could push it to its first annual loss in three decades this year.

The sportswear giant ended its partnership to produce the Yeezy sneaker line with West last year.

That after the rapper and fashion designer made antisemitic remarks.

The split cost $632 million in sales in the fourth quarter.

While Yeezy shoes would have brought in an estimated $1.2 billion this year.

The impact of that saw Adidas slash its 2022 dividend.

It’s a challenging start for new CEO Bjorn Gulden.

He took charge of Adidas on January 1 and pledged to rebuild the brand.

Gulden said the company faced a ‘transition’ year before returning to profit in 2024.

Adidas has forecast underlying operating profit at roughly break-even this year.

China is expected to drive sales following the end of health crisis lockdowns, but that boost is likely to be wiped out by the impact of the Yeezy split.

Adidas shares fell as much as 3% after the announcement.

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Falling in love with stocks with Nick Quinn

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On this week’s episode of Talk Ya Book, Chris Judd is joined by Spatium Capital’s Nick Quinn to discuss the why investors fall in love with stocks, when to sell and why three of his choices are performing strongly.

Proudly presented by Honan.

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Bank battering sees mess start to clean up

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What will the future of the banking sector look like?

 
The once-mighty banking sector has taken a battering over the past month.

From two U.S. banks closing down, to one in Switzerland merging with its biggest rival, the sector has sent shockwaves throughout financial markets around the world.

And another European Bank could be following suit.

But, what will the future of the industry start to look like, once the mess has been cleaned up?

Founder and CEO of Umee, Brent Xu, joined us to discuss.

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Disney to axe 7,000 jobs

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The Mouse House will deliver two rounds of layoffs

Disney has announced it will begin to axe 7,000 jobs, as it seeks to control costs and create a more “streamlined” business.

Several major divisions of the company, including Disney Entertainment, Disney Parks, Experiences and Products, and corporate, will be impacted.

Disney will begin notifying the first group of employees who are impacted by the workforce reductions over the next few days.

A second, larger round of job cuts will happen in April, with several thousand more staff reductions.

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