Adidas has released preliminary Q3 2024 results, with currency-neutral revenues rising 10 per cent compared to the same period last year. In euro terms, revenues increased 7 per cent to €6.44 billion, up from €5.999 billion in 2023. Excluding Yeezy sales, currency-neutral revenues climbed 14 per cent.
The company’s gross margin improved by 2 percentage points, reaching 51.3 per cent, compared to 49.3 per cent in Q3 2023. Operating profit jumped to €598 million from €409 million in the previous year, aided by around €50 million from Yeezy inventory sales.
Encouraged by this performance, adidas has updated its full-year guidance. The company now expects a 10 per cent growth in currency-neutral revenues for 2024, revising its earlier high-single-digit forecast. Operating profit is projected to reach approximately €1.2 billion, up from the prior estimate of €1.0 billion.
The revised forecast assumes the remaining Yeezy inventory will be sold at cost during Q4, contributing an additional €50 million in sales without further profit impact.
