- Adidas shares rose after Yeezy sales boosted full-year guidance
- Adidas expects a narrower operating loss of around 100 million euros in 2023
- The potential write-off of remaining Yeezy inventory is now expected to be around EUR300 million
- Currency-neutral revenue is forecasted to decline at a low-single-digit rate
- Preliminary results for the third quarter show a 6% decrease in revenue
Shares in Adidas rose after the company raised its full-year guidance, thanks to strong sales of Yeezy sneakers and improvements in its core business. The stock traded 3.7% higher at EUR177.26. Adidas now expects a narrower operating loss of around 100 million euros in 2023, compared to the previously anticipated loss of EUR450 million. The potential write-off of remaining Yeezy inventory is now expected to be around EUR300 million. Currency-neutral revenue is forecasted to decline at a low-single-digit rate. Preliminary results for the third quarter show a 6% decrease in revenue.
