Frankfurt, Germany - Adidas reported its first loss in over three decades Wednesday due to the fallout from the end of its collaboration with Kanye West, though the company insists it is starting to turn its fortunes around.

In late 2022, the German sportswear giant ended its contract with the rapper, now known formally as Ye, after he triggered an outcry with a series of antisemitic social media posts.

Adidas and West had designed the blockbuster line of Yeezy sneakers together, and the collapse of the partnership robbed the company of a vital revenue stream and left it saddled with a massive stock of unsold footwear.

Adidas registered a loss of $82 million in 2023. This was the company's first net loss since 1992, Adidas said.

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But CEO Bjorn Gulden, who was brought in to lead the company from rival outfitter Puma shortly after the West tie-up fell apart, struck an upbeat tone.

"It will take a long time to turn the business [around]... The result is, of course, not good enough," he told a press conference. "But it builds the base to actually achieve what we have promised."

The 2023 results were not as bad as had been previously feared, and by "2025, we should already be a good company and by 2026 we should be a really healthy company," he said.

The company expects to sell off the final Yeezy shoes this year at cost, which should recover some of the lost income.