Adidas: guidance raised after strong 2nd quarter
The German sports equipment maker's operating profit reached 346 million euros in the April-June period, compared with 176 million a year ago.
Gross margin at group level reached 50.8%, compared with 50.9% a year earlier, but the company says it benefited from a strong improvement in the margin of the adidas brand itself.
Quarterly sales rose by 9% to 5.82 billion euros, including 11% growth at constant exchange rates.
For 2024, adidas now expects sales growth at constant exchange rates to be close to, but below, 10%, compared with a previously announced forecast of over 5%.
The company also expects full-year operating profit to be in the region of one billion euros, instead of 700 million euros.
Following this announcement, the share price climbed over 4%, making it one of the strongest performers on the pan-European STOXX 600 index.
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