Adidas Raises Full-Year Guidance After Better-Than-Expected 2Q Results

By Pierre Bertrand

Adidas increased its guidance for the year after the company's performance in the second quarter was better than expected.

The German shoe and sportswear company said it expected its currency-neutral revenue to increase at a high single-digit rate, compared with a mid-to-high single-digit rate previously. It added that it also expected around 1 billion euros ($1.09 billion) in operating profit, up from around EUR700 million previously.

Adidas said revenue for the second quarter grew 9% to EUR5.82 billion.

It added that its operating profit in the quarter grew to EUR346 million, compared with EUR176 million a year prior, including around EUR50 million from the sale of parts of the remaining Yeezy inventory.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

07-16-24 1223ET