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| Name | Symbol | Market | Type |
|---|---|---|---|
| Adidas AG (QX) | USOTC:ADDYY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -5.09 | -4.06% | 120.4485 | 120.45 | 120.81 | 124.04 | 120.14 | 123.79 | 19,223 | 17:55:35 |
From Apr 2023 to Apr 2024
By Maitane Sardon
Adidas AG said Monday that sales fell in the second quarter and that it expects a smaller operating loss this year.
The German sportswear giant said it expects a 5% decline in revenue to 5.34 billion euros ($5.94 billion) for the quarter and flat currency-neutral revenue compared with the previous year, according to preliminary figures.
Operating profit was EUR176 million in the second quarter, down from EUR392 million a year ago, with the operating margin at 3.3%, Adidas said, noting both its top and bottom line benefited from the sale of some of its Yeezy stock.
Adidas said it expects currency-neutral revenues to decline at a mid-single-digit rate in 2023 and its underlying operating profit to be around the break-even level.
It said it expects to book an operating loss of EUR450 million in 2023, compared with a previous estimate of EUR700 million from the potential write-off of the remaining Yeezy inventory and one-off costs.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
July 24, 2023 13:12 ET (17:12 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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