EQS-Adhoc

adidas delivers better-than-expected performance in the first quarter and increases its full-year guidance

EQS-Ad-hoc: adidas AG / Key word(s): Quarter Results/Change in Forecast adidas delivers better-than-expected performance in the first quarter and increases its full-year guidance 16-Apr-2024 / 17:41 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. FOR IMMEDIATE RELEASE Herzogenaurach, April 16, 2024

adidas delivers better-than-expected performance in the first quarter and increases its full-year guidance

 

adidas today announced preliminary results for the first quarter of 2024. In Q1, currency-neutral revenues increased 8% versus the prior year level. In euro terms, the company’s revenues grew 4% to € 5.458 billion (2023: € 5.274 billion). The company’s gross margin improved 6.4 percentage points to 51.2% during the quarter (2023: 44.8%). Operating profit reached € 336 million in Q1 (2023: € 60 million).

As a result of the better-than-expected performance during the quarter, the company has increased its full-year guidance. adidas now expects currency-neutral revenues to increase at a mid- to high-single-digit rate in 2024 (previously: increase at a mid-single-digit rate). The company’s operating profit is now expected to reach a level of around € 700 million (previously: to reach a level of around € 500 million). 

The latest Yeezy drop generated revenues of around € 150 million and an operating profit of around € 50 million in the first quarter. In its guidance, the company assumes the sale of the remaining Yeezy inventory during the remainder of the year to occur on average at cost. This would result in additional sales of around € 200 million and no further profit contribution during the remainder of the year.

The company continues to expect unfavorable currency effects to weigh significantly on the company’s profitability this year. These effects are projected to continue to negatively impact both reported revenues and the gross margin development in 2024.

 

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Contacts:

Media Relations Investor Relations [e-mail] Tel.: [phone] [e-mail] Tel.: [phone]

 

For more information, please visit adidas-group.com.

End of Inside Information

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16-Apr-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

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Language:	English
Company:	adidas AG
	Adi-Dassler-Straße 1
	91074 Herzogenaurach
	Germany
Phone:	[phone]
Fax:	[phone]
Internet:	www.adidas-group.com
ISIN:	DE000A1EWWW0, US00687A1079, US00687P1049
WKN:	A1EWWW, A0MNCC , 909676
Indices:	DAX
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1881895

End of Announcement	EQS News Service

1881895  16-Apr-2024 CET/CEST

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ISIN:DE000A1EWWW0WKN:A1EWWW

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