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Adidas exceeds expectations in the first quarter
Adidas beats expectations in the first quarter and increases guidance for the year. Sales increase by 4 percent to 5.5 billion euros. Operating profit rises to 336 million euros. Positive year ahead!
Adidas exceeds expectations in the first quarter
The sporting goods manufacturer Adidas achieved better than expected results in the first quarter of the current year and has consequently raised its forecast for the full year. The company's revenue is expected to grow in the mid- to high-single-digit range in constant currency in 2024, while operating profit is expected to reach 700 million euros. Originally, growth in the mid-single-digit percentage range and an operating result of 500 million euros were forecast.
However, Adidas warns of unfavorable currency effects that could affect profitability in the current year. These effects could negatively impact both the Company's reported sales and gross margin. Despite these challenges, Adidas remains confident about future developments.
In the first quarter, Adidas recorded a four percent increase in sales to around 5.5 billion euros, with the currency-adjusted increase being eight percent. The gross margin rose to 51.2 percent, an increase of 6.4 percentage points. Operating profit improved from 60 million to 336 million euros, which exceeded analysts' expectations. These positive results reflect Adidas' continued strength in the market.