Adidas Delivers Strong Q3 Results and Boosts 2024 Outlook

Adidas announced promising preliminary results for the third quarter of 2024, exceeding expectations. Currency-neutral revenues rose by 10% year-over-year. In euros, revenues grew 7%, reaching €6.438 billion, compared to €5.999 billion in 2023. Excluding Yeezy sales, currency-neutral revenues saw a 14% increase.

The gross margin improved by 2.0 percentage points, up to 51.3% from 49.3% the previous year. Third quarter operating profit increased to €598 million, including a €50 million contribution from Yeezy inventory sales.

Due to the better-than-expected performance, Adidas raised its full-year guidance. It now anticipates a 10% increase in currency-neutral revenues for 2024, compared to its earlier high-single-digit prediction. Operating profit is projected at approximately €1.2 billion, up from the previous estimate of €1.0 billion.