Adidas Raises 2024 Earnings Forecast to EUR 700M After Strong Q1

Apr 17, 2024, 08:23 AM

Adidas AG has raised its full-year earnings guidance following a stronger-than-expected performance in the first quarter of 2024. The German sportswear giant now forecasts an operating profit of approximately EUR 700 million for the year, a significant increase from the previously projected EUR 500 million. This adjustment comes after a robust quarter driven by high demand for classic sneakers like the Samba and a reduction in the stockpile of Yeezy footwear. The positive performance and updated guidance have led to a surge in Adidas's stock, which rose more than 7%, reaching a two-year high.