Adidas sees 2024 operating profit around EUR 500M

In 2024, Adidas expects currency-neutral sales to grow at a mid-single-digit rate. This top-line guidance assumes that Adidas will sell the remaining Yeezy inventory at cost, which would result in sales of around EUR 250M in 2024. Excluding the Yeezy revenues in both years, the sales guidance reflects currency-neutral growth at a high-single-digit rate in the underlying adidas business. As the sale of the remaining Yeezy inventory is currently assumed to occur at cost, the planned sale of the product is currently expected to have no effect on the company’s operating profit this year. Unfavorable currency effects are projected to weigh significantly on the company’s profitability in 2024 as they are expected to continue to impact both reported revenues and the gross margin development in 2024. Taking all of this into account , Adidas expects to generate an operating profit of around EUR 500M in 2024.