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The company now expects net income from continuing operations of around 250 million euros ($251.53 million) this year, down from a target of around 500 million euros set out in a statement on Oct. 20.
Adidas (OTC:ADDYY) now expects currency-neutral revenues for the company to grow at a low-single-digit rate in 2022, down from a previously forecast mid-single-digit rate, and an operating margin of around 2.5% rather than 4%.
The new estimates reflect the high seasonality of the Yeezy business geared towards the fourth quarter, the company said.
Yeezy is the high-selling brand of the rapper now known as Ye, whose partnership with Adidas was axed on Oct. 25 after he made a series of antisemitic remarks.
On Wednesday, Adidas reported third-quarter net income from continuing operations of 66 million euros, revising down its preliminary figure by almost two-thirds following the end of the partnership.
Shares in Adidas fell by 2.1% in pre-market trade after the quarterly results announcement.
($1 = 0.9939 euros)
