Adidas on Tuesday raised its 2024 profit outlook after what the German sportswear giant said was a better than expected first quarter.
The upbeat comments about 2024 come a month after Adidas posted its first annual loss in more than three decades, warning sales in North America would fall again as sportswear retailers in the U.S. struggle with high inventories. Frankfurt-listed shares in the company, which is scheduled to publish final first-quarter results on April 30, were up 3.5 per cent on the news.
Adidas further said it sold another €150-million worth of Yeezy products in the quarter, for an operating profit of around €50-million.
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