Adidas lowers earnings outlook after breakup with Yeezy

FRANKFURT, Germany (AP) — Shoe and sports apparel maker Adidas has lowered its earnings forecast for the full year to account for losses from ending its partnership with rapper Ye, formerly known as Kanye West, in response to Ye’s antisemitic remarks. The Herzogenaurach, Germany based company had previously said ending the partnership with Ye’s Yeezy brand would cost it 250 million euros. As a result it lowered its sales outlook for the year, to a low single digit increase from a mid-single digit increase, and net profit from continuing operations to 250 million euros instead of 500 million euros. The company had already cut its year forecasts on Oct. 20, five days before it announced it was ending the relationship with Yeezy.