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Business

Adidas raises 2024 guidance again, citing good brand momentum

Published by Uma Rajagopal

Posted on October 16, 2024

Featured image for article about Business

(Reuters) -Adidas on Tuesday raised its full-year sales and profit guidance, citing better than expected performance in the third quarter and good brand momentum as it benefits from popularity of its three-striped Samba and Gazelle shoes.

The German sportswear brand raised its forecasts for the third time this year, saying it now expected currency-neutral revenues to increase by around 10% this year, having previously forecast a high single-digit rate.

Adidas also raised its profit forecast for the year to 1.2 billion euros ($1.31 billion) from 1 billion euros.

Over the third quarter, Adidas revenue grew 7% to 6.438 billion euros, slightly above analysts’ estimates of 6.416 billion euros.

($1 = 0.9176 euros)

(Reporting by Isabel Demetz and Tristan Veyet in GdanskEditing by Tomasz Janowski)

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