Adidas : Results (Earnings Estimates Q2 2024)

July 16, 2024

CONSENSUS EARNINGS ESTIMATES

The full Q2 2023 and FY 2023 P&L statements can be found in the financial publications section on our website.

€ in millions	Q2 2024E		FY 2024E		Q2 2023		FY 2023
Net sales	5,546		22,800	5,343	21,427
of which Yeezy	175		400	~400	~750
Change currency-neutral	7%		9%	0%	0%
Underlying change currency-neutral (excl. Yeezy)	11%		11%	-1%	2%
Gross profit	2,873		11,435	2,719	10,184
Gross margin	51.6%		50.3%	50.9%	47.5%
Royalty & commission income	21		91	21	83
Other operating income	10		31	18	71
Other operating expenses	2,650		10,552	2,582	10,070
% of net sales	47.9%		46.2%	48.3%	47.0%
Operating profit	237		1,057	176	268
of which Yeezy	40		125	~150	~300
Operating margin	4.3%		4.6%	3.3%	1.3%
Financial income	19		79	19	79
Financial expenses	65		279	71	282
Income before taxes	175		828	123	65
Income taxes	45		228	27	124
% of income before taxes	28.0%		26.4%	21.9%	189.2%
Net income/(loss) from continuing operations	121		593	96	(58)
Basic EPS from continuing operations (in €)	0.62		3.00	0.48	(0.67)

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Disclaimer

The consensus information published in the table above is the median of all estimates collected from financial analysts covering adidas. Their forecasts, estimates, predictions, opinions and recommendations regarding the company's performance and therefore the aggregated consensus earnings estimates are theirs alone and do not represent those of adidas or its management. By providing these estimates, adidas does not endorse or agree with any of such analysts' forecasts, estimates, predictions, opinions and recommendations and assumes no liability for the accuracy of such estimates and undertakes no obligation to update or revise such estimates.

The information is being provided for informational purposes only and is not intended to, nor does it constitute, investment advice or any solicitation to buy, hold or sell securities or other financial instruments of adidas. In addition, investors are warned that reliance on the consensus information as part of their investment decision could result in a loss, especially if adidas failed to meet the analysts' estimates.