Adidas Shares Rise on Upgraded Guidance, Robust Sales
By Michael Susin
Adidas shares rose in early Wednesday trading after the group lifted its earnings target following better-than-expected results for the second quarter.
Shares at 0705 GMT were up 3.4% at EUR236.40.
The German shoe and sportswear maker said late Tuesday that it now expects currency-neutral revenue to increase at a high single-digit rate this year. This compares with the previous target of a mid-to-high single-digit rate.
It also expects roughly 1 billion euros ($1.09 billion) in operating profit, up from a previous forecast of around EUR700 million.
Adidas said revenue for the second quarter grew 9% to EUR5.82 billion, citing preliminary figures, as customers bought more products despite less promotional activity. On a currency-neutral basis, revenue grew 11% on year.
--Pierre Bertrand contributed to this article.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
July 17, 2024 03:45 ET (07:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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