Adidas raises full-year forecasts

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

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