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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 EUR 5.822 billion (2023: EUR 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 EUR 346 million (2023: EUR 176 million), including a contribution of around EUR 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 EUR 1.0 billion (previously: to reach a level of around EUR 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 EUR 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 Investor Relations
corporate.press@adidas.com investor.relations@adidas.com
+49 (0) 9132 84-2352 +49 (0) 9132 84-2920 End of Inside Information
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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
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1947517 16-Jul-2024 CET/CEST

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July 16, 2024 11:51 ET (15:51 GMT)