Recently, the German sportswear brand Adidas released its preliminary financial report for the third quarter of 2024. The company estimates that its third-quarter revenue was 6.44 billion euros, slightly below the analysts' expectation of 6.45 billion euros.
In terms of profitability, Adidas' third-quarter gross profit margin reached 51.3%, higher than the analysts' expectation of 50.5%. Meanwhile, operating profit was 598 million euros, exceeding the analysts' expectation of 558.6 million euros.
Notably, the financial data for the third quarter at Adidas included about 50 million euros from the sale of remaining Yeezy-branded products in inventory. This portion of revenue had a certain impact on the company's overall performance. However, after excluding this revenue, Adidas' third-quarter revenue and profitability still exceeded market expectations.
Looking ahead to the full year, Adidas expects its full-year operating profit to reach 1.2 billion euros, higher than the previously expected 1 billion euros.
