Adidas offered €400m (£345m) value of Kanye West-designed footwear from April to the top of June this yr – as a lot as the identical time final yr, regardless of severing ties with the rapper.
The German sports activities large took a hit when it ended its association with West final yr following a string of antisemitic feedback from the performer, now generally known as Ye, on social media, TV and radio.
A mountain of unsold Yeezy model trainers have been left after the partnership ended.
However Adidas on Thursday introduced its recouping losses, having decided to sell the stock beforehand made at the side of the musician.
The sale of the Yeezys added about €150m (£129.4m) to firm working revenue within the second quarter of this yr.
On the identical time, Adidas mentioned there was nonetheless a monetary affect within the yr total.
There have been no Yeezy revenues within the first three months of 2023 whereas in the identical interval a yr earlier than, about €400m (£345m) value had been offered.
Within the first half of this yr, income from the trainers was €400m (£345m), in contrast with €800m (£690m) within the first six months of final yr.
Adidas is anticipated to interrupt even, relatively than revenue for the entire of 2023, with the potential write off price of the Yeezys coming in at €400m (£345m), lower than the €500m (£430m) beforehand anticipated.
Some proceeds from the Yeezy gross sales can be given to charity, Adidas mentioned, however didn’t element the worth of charitable contributions.
Round €180m can be spent on one-off prices associated to the strategic overview introduced by Adidas and “donations and accruals for additional donations”.
Organisations such because the Anti-Defamation League, the Philonise & Keeta Floyd Institute for Social Change and Robert Kraft’s Basis to Fight Antisemitism have been named by Adidas as beneficiaries.
“We’ll proceed to rigorously dump extra of the prevailing Yeezy stock. That is significantly better than destroying and writing off the stock and permits us to make substantial donations to organisations,” Adidas chief government Bjørn Gulden mentioned.