Adidas raises full-year guidance after better-than-expected Q2 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 Increases Its Full-year Guidance Following Better-than-expected Second Quarter Results
July 16, 2024 11:55 AM EDTadidas today announced preliminary results for the second quarter of 2024. In Q2, currency-neutral revenues increased 11% versus the prior year. In euro terms, the companys revenues grew 9% to 5.822 billion (2023: 5.343 billion). Excluding Yeezy sales in both years, currency-neutral revenues increased 16% during the quarter.
The companys gross margin reached 50.8% in Q2 (2023: 50.9%). The underlying adidas gross margin improved strongly, reflecting better sell-throughs, reduced discounting, lower sourcing costs and a... More
