Adidas Is Seeing Hot Demand for Sambas and Yeezys [Financial Post (Toronto, Ontario, Canada)]
ADIDAS AG S/ADR (ADDYY)
NASDAQ:AMEX Investor Relations:
adidas-group.com/en/investors/overview
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Adidas AG raised its profit target for the year amid strong demand for classic sneakers like the Samba and a boost from sales of its diminishing stockpile of Yeezy footwear. The German sportswear company now expects to generate operating profit of around €700 million ($743 million), according to a statement. That's an increase from the previous target of €500 million, but it still trails analysts' average estimate of €871 million. Article content Article content Now in his second year at the helm, Chief Executive Officer Bjorn Gulden is trying to orchestrate another era of fast growth at Adidas and close the gap with industry leader Nike, which has stumbled in recent quarters with a sales slowdown and inventory missteps. Adidas has also struggled, posting a decline in net sales in 2023. That followed years of crisis under Gulden's predecessor, c
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