German sports equipment maker Adidas reported net losses of 58 million euros in 2023, its first since 1992.

The loss of its Yeezy sneaker line, the result of its collaboration with Kanye West, has hurt Adidas sales. Despite those losses, the company expects its core business, excluding Yeezy, to improve in 2024, with growth of more than 10% in the second half. Adidas also anticipates a sales decline in the Americas but a more solid recovery in China.