Adidas stuck with $1 billion of Yeezy gear after dropping Kanye

Adidas says it is still weighing its options over what to do with the huge $1.1 billion inventory of Kanye West's Yeezy products after it ended its partnership with the controversial rapper.

Potentially not selling the apparel and shoes linked to West would lead to a revenue loss of 1.2 billion euros ($1.3 billion), the group said, announcing its 2022 full-year results.

Adidas halted its tie-up with Kanye West (who now goes by the name Ye) in October after he made a series of anti-Semitic outbursts.

As a result, the group ended production of the highly successful Yeezy line designed together with West.

Along with one-off costs projected to reach 200 million euros related to a company strategic review, Adidas said it could end up with an operating loss of 700 million euros in 2023.

Next year was shaping up to be a key one for sporting apparel companies, with both the European football championships and the Olympic Games taking place.

Adidas on Wednesday also said net profit fell heavily by 83 percent to 254 million euros in 2022, confirming preliminary results released in February.