Adidas Reports Strong Q1 2024 Results and Raises Full-Year Outlook

Adidas AG announced its preliminary financial results for the first quarter of 2024, showing an 8% increase in currency-neutral revenues compared to the previous year. In Euro terms, this represents a revenue growth from €5.274 billion in 2023 to €5.458 billion. The company's gross margin saw significant improvement, rising 6.4 percentage points to 51.2%.

The substantial increase in operating profit from €60 million in 2023 to €336 million in Q1 2024 led Adidas to revise its full-year guidance upward. The company now anticipates a mid- to high-single-digit rate increase in currency-neutral revenues for 2024, with an expected operating profit of around €700 million. Previously, the forecast was set for a mid-single-digit rate increase and an operating profit of around €500 million.

Furthermore, the latest Yeezy product release contributed approximately €150 million in revenues and €50 million in operating profit for the quarter. Despite adverse currency effects projected to impact profitability throughout 2024, Adidas remains adjusted in its financial outlook.