BERLIN, March 13. /TASS/. Adidas sustained net losses as of 2023 year-end for the first time since 1992, the iconic German sports apparel and footwear retailer said in its financial report.

Net losses as of the last year-end totaled 14 mln euro. Financial losses from continuing operations reached 58 mln euro. Adidas declared the net profit of 638 mln euro a year earlier.

The main cause of the drop was severance of cooperation between Adidas and the Yeezy brand of US rapper Kanye West. According to company’s estimates, remaining inventories of branded products are sold at cost.

In 2024, Adidas is going to reach the level of 500 mln euro of profit from operations. The board of directors of the German company intends to keep payments of dividends at the level of 70 eurocents per share, despite losses.

Adidas reported the suspension of operations in Russia on March 9, 2022. Retail stores of the chain closed on March 14 of the same year.