Adidas shares fall after €1bn currency hit and cautious 2024 outlook

Sports giant flagged a "severe impact" from the devaluation of the Argentine peso at the end of the year

Company remains bruised by its break-up with rapper West, who goes by Ye, which left Adidas with unsold Yeezy shoes worth €1.2bn. (Photo by Evan Agostini/Invision/AP, File)

Adidas shares fell on Thursday after the sportswear maker delivered a forecast for 2024 well below analyst expectations, based on limited profits from selling off its last stocks of Yeezy shoes after its break-up with Kanye West.

Adidas forecast an operating profit of around €500m in 2024, against analysts' estimate of €1.23bn. The company said its forecast assumes Adidas will sell its remaining Yeezy shoe inventory at cost.