NKE - Still-In-The-Woods Adidas Provides Glimpse Of Recovery With A Lifted Guidance | Benzinga
In an unscheduled announcement, Adidas AG (OTC: ADDYY) (OTC: ADDDF) raised its 2024 profit outlook after a better than expected first quarter. The good news come a month after the German sportswear giant posted its first annual loss in more than three decades and warned sales in North America will fall again due to the struggle of U.S. retailers with high inventory levels. Adidas has also been battling to restore its vitality after a costly split from Kanye West in October 2022 and suspending sales of the highly profitable Yeezy sneaker line.
Adidas Provided Hope Of Recovery
The German sportswear giant now expects full-year operating profit of about $744 million or 700 million euros , after previously guiding for 500 million euros.
At the very least, Adidas shares have staged a recovery, ...