adidas AG
ISIN: DE000A1EWWW0
WKN: A1EWWW
16 July 2024 05:50PM

EQS-Adhoc: adidas increases its full-year guidance following better-than-expected second quarter results

adidas AG · ISIN: DE000A1EWWW0 · EQS - adhoc news
Country: Germany · Primary market: Germany · EQS NID: 1947517

EQS-Ad-hoc: adidas AG / Key word(s): Quarter Results/Change in Forecast
adidas increases its full-year guidance following better-than-expected second quarter results

16-Jul-2024 / 17:50 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


FOR IMMEDIATE RELEASE

Herzogenaurach, July 16, 2024


adidas increases its full-year guidance following better-than-expected second quarter results

adidas today announced preliminary results for the second quarter of 2024. In Q2, currency-neutral revenues increased 11% versus the prior year. In euro terms, the company’s revenues grew 9% to € 5.822 billion (2023: € 5.343 billion). Excluding Yeezy sales in both years, currency-neutral revenues increased 16% during the quarter.

The company’s gross margin reached 50.8% in Q2 (2023: 50.9%). The underlying adidas gross margin improved strongly, reflecting better sell-throughs, reduced discounting, lower sourcing costs and a more favorable category mix. The significantly smaller Yeezy business had a negative impact on the year-over-year comparison. The company’s second quarter operating profit increased to € 346 million (2023: € 176 million), including a contribution of around € 50 million from the sale of parts of the remaining Yeezy inventory.

Following the better-than-expected performance during the quarter and considering the current momentum, the company has increased its full-year guidance. adidas now expects currency-neutral revenues to increase at a high-single-digit rate in 2024 (previously: increase at a mid- to high-single-digit rate). The company’s operating profit is now expected to reach a level of around € 1.0 billion (previously: to reach a level of around € 700 million).

Within its guidance, the company assumes the sale of the remaining Yeezy inventory during the remainder of the year to occur on average at cost. This would result in additional sales of around € 150 million and no further profit contribution during the remainder of the year.

The company continues to expect unfavorable currency effects to weigh significantly on the company’s profitability this year. These effects are negatively impacting both reported revenues and the gross margin development in 2024. This was particularly the case during the first half of the year.

 

***

Contacts:
Media Relations
corporate.press@adidas.com
+49 (0) 9132 84-2352
Investor Relations
investor.relations@adidas.com
+49 (0) 9132 84-2920

 



End of Inside Information

16-Jul-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: adidas AG
Adi-Dassler-Straße 1
91074 Herzogenaurach
Germany
Phone: +49 9132 84 0
Fax: +49 9132 84 2241
Internet: www.adidas-group.com
ISIN: DE000A1EWWW0, US00687A1079, US00687P1049
WKN: A1EWWW, A0MNCC , 909676
Indices: DAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1947517

 
End of Announcement EQS News Service

1947517  16-Jul-2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 21.915,00 23.640,00 19.844,00 21.234,00 22.511,00 21.427,00 22.500,00
EBITDA1,2 2.882,00 3.845,00 2.079,00 3.066,00 1.874,00 1.358,00 0,00
EBITDA-Margin3 13,15 16,27 10,48 14,44 8,33 6,34 0,00
EBIT1,4 2.368,00 2.660,00 751,00 1.986,00 669,00 268,00 1.200,00
EBIT-Margin5 10,81 11,25 3,79 9,35 2,97 1,25 5,33
Net Profit (Loss)1 1.704,00 1.977,00 751,00 2.158,00 638,00 -14,00 580,00
Net-Margin6 7,78 8,36 3,79 10,16 2,83 -0,07 2,58
Cashflow1,7 2.646,00 2.819,00 1.486,00 3.192,00 -543,00 2.630,00 0,00
Earnings per share8 8,45 9,70 2,15 7,47 1,25 -0,42 3,20
Dividend per share8 3,35 0,00 3,00 3,30 0,70 0,70 1,50
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: PricewaterhouseCoopers

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
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Adidas
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A1EWWW DE000A1EWWW0 AG 42.552,00 Mio € 17.11.1995 8FXGHWJ5+XM
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
36,94 29,18 1,27 54,70 9,55 16,18 1,99
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,70 0,70 1,50 0,63%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
15.05.2025 29.04.2025 30.07.2025 29.10.2024 05.03.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,13%
236,40 €
ATH 336,25 €
+3,91% +6,23% +28,37% +28,38% +2.620,37%

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