Adidas Beats Estimates Amid Turnaround as Nike Woes Continue
July 16, 2024
Adidas announced preliminary results for its second quarter on Tuesday that reflect the continued turnaround at the German sportswear giant. Revenue for the three months ending with June rose 9% to $6.35 billion (€5.82 billion based on current exchange rates). The gain was 16% on a currency-neutral basis and if Yeezy sales are excluded both years.
Operating profit nearly doubled to $377 million. The company cited better “sell-throughs, reduced discounting, lower sourcing costs and a more favorable category mix” for the profit surge. Sportico
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