Adidas Raises Profit Forecast Amid Strong Sales

Adidas has significantly raised its operating profit forecast for 2024 to approximately €1.2 billion (£997 million) following a stronger-than-expected third quarter where operating profit surged to €598 million, up from €409 million a year earlier. This growth is attributed to increased demand for retro sneakers, particularly the Samba, and effective inventory management of Yeezy products, which are still generating sales despite the discontinued partnership with rapper Ye. CEO Bjørn Gulden's revival strategy is showing results, with double-digit revenue growth in most regions, although North America continues to struggle due to falling Yeezy sales. The company’s net income rose to €449 million, reflecting a 71% increase compared to last year and exceeding analyst expectations. Adidas shares have risen by 27% this year, outperforming rivals like Nike and Puma, as consumer sentiment improves. Gulden aims to maintain this momentum by focusing on product innovation and strengthening brand appeal.