ADDYY - Adidas Sees Lower Q3 Sales But Pleased With Yeezy Inventory Sale Benefit | Benzinga
German sportswear firm Adidas AG (OTC: ADDYY) disclosed Q3 FY23 preliminary results and a favorable revised FY23 outlook.
In Q3, the company reported a currency-neutral revenue increase of 1% Y/Y. On a reported basis, revenues declined 6% Y/Y to €5.999 billion.
The company’s gross margin improved by 0.2ppt Y/Y to 49.3% in Q3. Operating profit stood at €409 million vs. €564 million a year ago, reflecting an operating margin of 6.8% vs. 8.8% prior year.
The company benefited from ...