BERLIN (dpa-AFX) - German sportswear maker adidas AG (ADDYY.PK) reported
Tuesday that its first-quarter net income attributable to shareholders was 170
million euros, compared to prior year's loss of 39 million euros. Earnings per
share were 0.95 euro, compared to loss of 0.22 euro a year ago.

The company's net income from continuing operations amounted to 171 million
euros, compared to loss of 24 million euros last year. Earnings per share from
continuing operations were 0.96 euro, compared to prior year's loss of 0.18
euro.

Operating profit, as announced earlier, climbed to 336 million euros from 60
million euros in the prior year. Operating margin improved to 6.2 percent from
1.1 percent a year ago.

Net sales grew 3.5 percent to 5.458 billion euros in the first quarter from last
year's 5.274 billion euros. Currency-neutral sales went up 8 percent driven by
growth in all regions except North America.

Further, as upgraded on April 16 due to better-than-expected performance in the
first quarter, the company still expects fiscal 2024 operating profit to reach a
level of around 700 million euros.

Adidas still expects revenues to increase at a mid- to high-single-digit rate in
2024.

The company assumes the remaining Yeezy inventory will be sold on average at
cost, resulting in sales of around 200 million euros throughout the remainder of
the year.

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