Money

Adidas warns of first annual loss in three decades

Published

1 year ago

March 9, 2023

ticker NEWS

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.

Money

Why the meme-stock frenzy is unlikely to repeat

Published

4 days ago

May 14, 2024

Nathan Langridge

GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.

Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.

Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending

Money

Why are airlines after the Biden Administration?

Published

5 days ago

May 14, 2024

Nathan Langridge

Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.

On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.

Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending

Money

The mounting pressure on Government spends

Published

6 days ago

May 13, 2024

ticker NEWS

Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.

Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.

Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending