2024-04-17 12:15:11
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April 17, 2024
16:15 pm
Adidas surprises the markets by raising its guidance for the full year
Adidas surprisingly raised its full-year guidance, simultaneously announcing a year-over-year increase in first-quarter earnings.
The company said its operating profits for the three months ending in March rose to 336 million euros, from 60 million in the same period last year. These profits are expected to reach regarding 700 million euros ($745 million) this year.
According to its statement, the German sportswear maker indicated an expected increase in revenues for the entire year 2024 at a medium to high, single-digit rate, compared to previous growth expectations.
Last year, Adidas incurred its first annual loss in 30 years, amounting to $58 million, some time following it terminated its partnership with the well-known singer Kanye West, which halted its production of profitable Yeezy shoes. However, the company now expects that the sale of the rest of the inventory during the remainder of the year will result in additional sales of approximately €200 million.
Meanwhile, the company is also seeking to strengthen its partnerships with teams participating in the Olympic and Paralympic Games, Euro 24 and Copa this year. (agencies)
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