Buoyed by initial sales of Yeezy inventory released in May and better than expected core sales, The Big a’s second quarter revenues were down just 5% on a reported basis, and came in flat year-over-year, constant currency. Operating profit was €176 million ($192 mm), down from €392 million in 2022, helped by 60 basis points of gross margin expansion to 50.9% doubtless helped by the high margin Yeezys. The promising early sales also reduced the potential write-off of unsold Yeezy inventory to €400 million from €500 million previously. Adidas touted the ... Log in to view full article.