Adidas Swings to Q1 Profit as DTC Drives Top-Line Growth
April 30, 2024
Adidas is reporting that currency-neutral (c-n) revenues increased 8 percent in the first quarter of 2024, compared to the the 2023 first quarter. The better-than-expected performance was said to be driven by the “strong momentum” of the underlying Adidas business, which grew 5 percent in the period. In addition, the sale of parts of the remaining Yeezy inventory generated revenues of around €150 million during the first quarter. In euro terms, the company’s revenues grew 4 percent to €5.458 billion in the first quarter from €5.274 billion in the 2023 Q1 period, as currency fluctuations led to an unfavorable translation impact. SGB Media
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