Adidas Increases Its Full-year Guidance Following Better-than-expected Second Quarter Results
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Morgan Stanley on Adidas AG (ADS:GR) (ADDYY): 'Yeezy accelerated to +16%...ahead of consensus +11%'
July 16, 2024 4:08 PM EDTMorgan Stanley analyst Edouard Aubin reiterated an Overweight rating and EUR258.00 price target on Adidas AG (ADS:GR) (OTC: ADDYY).
The analyst comments "In contrast to a series of luxury profit warnings this week, adidas today released a positive unscheduled... More
Adidas raises full-year guidance after better-than-expected Q2 results
July 16, 2024 1:43 PM EDTAdidas (OTC: ADDYY) raised its full-year guidance on Tuesday following a strong performance in the second quarter of 2024.
The sportswear giant reported that currency-neutral revenues increased by 11% compared to the previous year, with euro-denominated revenues rising 9% to 5.822 billion, up from 5.343 billion in 2023. Excluding Yeezy sales, currency-neutral revenues saw an impressive 16% growth.
The company's gross margin for Q2 was 50.8%, slightly down from 50.9% in the previous year. However, the underlying Adidas gross margin... More
