Adidas Q3 Revenues Up 7% To EUR 6.438 Bln
Oct 15 (Reuters) -ADIDAS AG ADSGn.DE:
ADIDAS REPORTS BETTER-THAN-EXPECTED THIRD QUARTER RESULTS AND INCREASES ITS FULL-YEAR GUIDANCE
Q3 CURRENCY-NEUTRAL REVENUES INCREASED 10% VERSUS PRIOR YEAR
Q3 IN EURO TERMS, COMPANY'S REVENUES GREW 7% TO EUR 6.438 BILLION (2023: EUR 5.999 BILLION)
Q3 EXCLUDING YEEZY SALES IN BOTH YEARS, CURRENCY-NEUTRAL REVENUES INCREASED 14% DURING QUARTER
Q3 GROSS MARGIN INCREASED 2.0 PERCENTAGE POINTS TO 51.3% IN Q3 (2023: 49.3%)
COMPANY'S Q3 OPERATING PROFIT INCREASED TO EUR 598 MILLION (2023: EUR 409 MILLION), INCLUDING A CONTRIBUTION OF AROUND EUR 50 MILLION FROM SALE OF PARTS OF REMAINING YEEZY INVENTORY
OUTLOOK 2024 COMPANY'S OPERATING PROFIT IS NOW EXPECTED TO REACH A LEVEL OF AROUND EUR 1.2 BILLION (PREVIOUSLY: TO REACH A LEVEL OF AROUND EUR 1.0 BILLION)
OUTLOOK 2024 NOW EXPECTS CURRENCY-NEUTRAL REVENUES TO INCREASE AT A RATE OF AROUND 10% IN 2024 (PREVIOUSLY: INCREASE AT A HIGH-SINGLE-DIGIT RATE)
COMPANY ASSUMES SALE OF REMAINING YEEZY INVENTORY DURING REMAINDER OF YEAR TO OCCUR ON AVERAGE AT COST
THIS WOULD RESULT IN ADDITIONAL SALES OF AROUND EUR 50 MILLION AND NO FURTHER PROFIT CONTRIBUTION IN Q4
Source text for Eikon: ID:nEQ9RKrtna
Further company coverage: [ADSGn.DE]
(Gdansk Newsroom)
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