A Adidas published its preliminary results for the third quarter of 2024 with a 7% increase in revenue to 6.4 billion euros. The numbers were “better than expected” by the German company.
Gross margin reported by the company increased 2 percentage points in the third quarter to 51.3%. As a result, operating profit rose from 409 million euros to 598 million euros, including 50 million euros from the sale of the remaining stock of Yeezy, a shoe line closed after the split with rapper Kanye West.
This isn’t the first time Adidas has recorded positive results since splitting with Kanye West two years ago. Its latest quarter also contrasts favorably with Nike, which recently revised its fiscal year guidance after last quarter revenue fell 10% to US$11.59 billion.
Taking the full year 2024 into account, Adidas’ expected profit is now €1.2 billion. This amount exceeds the previous forecast of 1.09 billion euros.
Not for the first time, the brand with the three stripes presents positive results in 2024. In the first quarter, Adidas too exceeded expectations and registered revenues of 5.4 billion euros.
