BREAKING Israeli military says it has carried out a 'targeted strike' in Beirut
The Israeli military said it carried out a 'targeted strike' in the Lebanese capital Beirut on Friday.
Adidas' breakup with the rapper formerly known as Kanye West and the inability to sell his popular Yeezy line of shoes helped batter earnings at the end of last year, leading to a net loss of 513 million euros (US$540 million).
The fourth-quarter loss, also attributed to higher supply costs and slumping revenue in China, contrasts with a profit of 213 million euros in the same period a year ago, the German shoe and sportswear maker said Wednesday.
More losses could be ahead as the company forecast a 500 million-euro hit to earnings this year if it decides not to repurpose the remaining Yeezy products it has in stock. The company is predicting a 2023 operating loss of 700 million euros.
Adidas split with Ye in October following the rapper's antisemitic remarks on social media and in interviews, facing pressure along with other brands to end ties. The company is now grappling to find ways to replace its banner Yeezy line, which analysts have said amounted to as much as 15 per cent of its net income.
CEO Bjorn Gulden said in a statement that 2023 would be "a transition year" and "we can then start to build a profitable business again in 2024."
Fourth-quarter net sales were up a bare 1.3 per cent at 5.21 billion euros from the same quarter a year ago, held back by around 600 million euros in lost revenue by the decision to halt the partnership with Ye.
The company also cited a revenue drop in China of about 50 per cent and higher costs for supplies and shipping, which could not be offset by higher prices.
For the full year, the Herzogenaurach, Germany-based company said it made net profit of 638 million euros on sales that rose 6 per cent, to 22.5 billion euros.
The company also said it would be replacing its top sales and marketing executives. Global sales head Roland Auschel will leave the company after 33 years and be succeeded by Arthur Hoeld, now head of the Europe, Middle East and Africa region.
Brian Grevy, head of global brands, will step down March 31. CEO Gulden will take responsibility for his product and marketing activities.
The Israeli military said it carried out a 'targeted strike' in the Lebanese capital Beirut on Friday.
The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
Following the MIND diet for 10 years produced a small but significant decrease in the risk of developing thinking, concentration and memory problems, a new study found.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
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Software company Mustimuhw Information, which develops medical records systems built on a foundation of Indigenous traditions and values, is allowing health providers to capture data informed by cultural practices.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.
A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.
David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.
Edmontonians can count themselves lucky to ever see one tiger salamander, let alone the thousands one local woman says recently descended on her childhood home.