Adidas ups profit guidance as sales exceed expectations

Source: Mintel 18-04-2024

In the three months to April, Adidas reported an 8% increase in sales in terms of constant currency while seeing a 4% increase on a like-for-like basis reaching €5.45 billion. Its operating profit rose to €336 million in the first quarter from €60 million during the same time last year. Yeezy sales contributed around €150 million in revenue and an operating profit of €50 million in the first quarter. For the full year 2024, Adidas expects Yeezy sales to earn €200 million in sales without any profit contribution. Adidas has increased its full-year profit guidance as a result of its strong performance for the quarter, as it expects its operating profit to reach around €700 million, up from the previous guidance of around €500 million.