Adidas raises 2024 guidance to up 10% from high-single-digits

Adidas said, “The company has increased its full-year guidance to reflect the better-than-expected performance during the quarter and the current brand momentum. adidas now expects currency-neutral revenues to increase at a rate of around 10% in 2024 (previously: increase at a high-single-digit rate). The company’s operating profit is now expected to reach a level of around EUR 1.2 billion (previously: to reach a level of around EUR 1.0 billion). Within its guidance, the company assumes the sale of the remaining Yeezy inventory during the remainder of the year to occur on average at cost. This would result in additional sales of around EUR 50 million and no further profit contribution in the fourth quarter.”