Earnings

Adidas shares climb after earnings powered by Yeezy inventory sales

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Shoes are offered for sale at an Adidas store in Chicago, Feb. 10, 2023.

Scott Olson | Getty Images

Adidas on Tuesday hiked its full-year guidance and posted stronger-than-expected third-quarter earnings, aided by sales of its Yeezy inventory.

The German sportswear giant, in a surprise preliminary estimates release, projected a full-year operating loss of 100 million euros ($106 million), a significant improvement on its previous forecast of a 450 million euro loss, and expects revenues to decline at a low-single-digit rate for 2023.

Third-quarter operating profit came in at 409 million euros, down from 564 million for the same quarter in 2022.

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Source cnbc.com

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