Sports company Adidas (ADS.DE) yesterday reported preliminary results for Q3 2023 and raised its earnings forecasts for the full year.
Preliminary results:
- Currency-neutral revenues: +1% versus last year
- Euro-denominated revenues: €5.999 billion vs. €6.408 billion in Q3 2022 (-6% y/y)
- Gross margin: (+0.2%; 49.3%)/ year ago in Q3 it was 49.1%
- Operating margin: 6.8% vs. last year's 8.8%
- Operating profit: €409 million vs. €564 million
The company's performance in the quarter was again positively impacted by the sale of some of the remaining Yeezy inventory, adidas' core business also developed better than expected.
Full-year outlook:
- Currency-neutral revenues will decline at a low single-digit rate in 2023 (previously: decline at a mid-single-digit rate)
- Yeezy shoe inventory write-down: €300 million (previously: €400 million)
- Operating loss: €100 million (previously projected loss of €450 million)
The company's shares started today's trading with an upward gap. The stock is currently gaining more than 4.48%.Source: xStation5
DE40: Europan market still under pressure of weak industry and political turmoil
Debasement trade goes from strength to strength, as oil and cigarettes power the FTSE 100
Daily summary: US100 surges almost 1% 📈Crypto and precious metals on the rise
Why the Cac could be vulnerable to French political risk
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.