Adidas predicts profit boost due to strong demand for the classic Samba – whilst continuing to shed Yeezy stock [Fortune]
Morgan Stanley (MS)
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Source: Fortune
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. 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, culminating in the cancelation of the company's partnership with the rapper and designer Ye. Adidas shares gained as much as 4.4% early Wednesday after the company's release following the close of trading in Frankfurt on Tuesday. Nike shares edged higher in US trading late Tuesday. Gulden has pledged to return Adidas to growth this year, w
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