Adidas lifts full-year guidance as Q3 sales rise
Adidas has raised its full-year guidance after reporting a “better-than-expected” third quarter, with sales up 7% to £5.39 billion (€6.44 billion).
It comes as the sportswear giant continues to drive newness across its popular Samba, Gazelle and Spezial footwear lines.
The company’s operating profit increased to £500 million (€598 million), including a £41.8 million (€50 million) contribution from the sale of parts of the remaining Yeezy inventory.
As a result of the performance, Adidas has raised its full-year guidance and expects an operating profit of £1 billion (€1.2 billion), compared to £837 million (€1 billion) previously.
Meanwhile, currency-neutral sales are expected to jump around 10% against the previously forecasted high-single-digit rate.
The latest trading update comes as CEO Bjørn Gulden continues to lead the business into a “new era of strength” after cutting ties with rapper Ye, formerly known as Kanye West, leaving Adidas with £1 billion (€1.2 billion) of unsold Yeezy stock.
