With a close look at a profit of 482 million euros in the period a year earlier, the largest sportswear manufacturer in Europe, and the second largest in the world, after Nike booked a net loss of 39 million euros ($43 million) in the first quarter, January to March.
While sales were almost flat at 5.28 billion euros, Its operating profit came in at 60 million euros. This is fall of more than 85 percent from a year earlier, AFP reports.
However, the company suffered 400 million euros in lost earnings related to ending the production and sale of its highly successful Yeezy line, designed in collaboration with West.
This development can be traced to last October after the music star made a series of anti-Semitic outbursts which led to Adidas putting to a halt its contract with West, now known as Ye.
Although, there was an announcement earlier in February that the company could suffer an operating loss of as much as 700 million euros this year if it decides to write off the value of its entire existing Yeezy inventory.