Better second quarter than expected for adidas
Sports group adidas has issued a business update with preliminary results for the second quarter of 2024.
It is preparing to report revenues for the quarter of more than €5.8 billion for the three-month period, which would represent growth of 9% year on year.
Considering what it refers to as “the current momentum”, these preliminary figures represent a better-than-expected performance for adidas for the second quarter and the company has increased its fully-year guidance. It now expects its revenues for 2024 to grow at a high-single-digit rate. Previously it forecast a mid- to high-single-digit rate.
It also spoke of a strongly improved gross margin, reflecting “better sell-through, reduced discounting, lower sourcing costs and a more favourable category mix”.
