Loss for the year is expected to be 100 million euros, against previous projections of losses of 450 million euros
Adidas has increased its targets for the year, supported by a reduction in stocks of Yeezy products, the brand founded in partnership with singer Kanye West, and better operating performance, reports Dow Jones.
The German sporting goods manufacturer said on Tuesday that its adjusted operating profit should be around 100 million euros. In the previous estimate, it was expected to break even.
The operating loss for the year is expected to be 100 million euros, against a previous forecast of losses of 450 million euros.
In the third quarter, Adidas’ revenues fell 6% year-on-year to 6 billion euros. Stripping out exchange rate effects, the German company’s turnover rose 1% on the same basis of comparison. Operating profit fell from 564 million euros to 409 million euros over the year.
The sportswear manufacturer’s shares closed 0.33% up on the Frankfurt Stock Exchange.