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Stock impact report

Adidas stock rallies to two-year high after lifting guidance [MarketWatch]

Morgan Stanley (MS) 
Last morgan stanley earnings: 4/16 07:15 am Check Earnings Report
US:NYSE Investor Relations: morganstanley.com/about-us-ir
Company Research Source: MarketWatch
Adidas ADS, late Tuesday upped its full year guidance, now expecting full-year operating profit of around €700 million, vs. guidance of around €500 million, on mid-to-high single-digit sales growth at constant currencies, vs. previous guidance of mid single-digits. That's after first-quarter revenue growth of 4%, to €5.46 billion, and an operating profit of €336 million. Analysts had expected an operating profit of €143 million on flat sales. Adidas said the latest Yeezy drop generated operating profit of €50 million on revenue of €150 million, and the company noted its guidance assumes it will sell the remaining Yeezy inventory, some €200 million in sales, at cost. Adidas in 2022 ended its Kanye West partnership after antisemitic comments made by the rapper. The company in January decided not to write off its remaining inventory of Yeezy apparel that was made in collaboration with West. Analysts at Stifel led by Cedric Lecasble said the first-quarter beat only explains half Show less Read more
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