Adidas 2Q Revenue Fell, to Book Smaller Operating Loss
25 7월 2023 - 2:27AM
Dow Jones News
By Maitane Sardon
Adidas AG said Monday that sales fell in the second quarter and
that it expects a smaller operating loss this year.
The German sportswear giant said it expects a 5% decline in
revenue to 5.34 billion euros ($5.94 billion) for the quarter and
flat currency-neutral revenue compared with the previous year,
according to preliminary figures.
Operating profit was EUR176 million in the second quarter, down
from EUR392 million a year ago, with the operating margin at 3.3%,
Adidas said, noting both its top and bottom line benefited from the
sale of some of its Yeezy stock.
Adidas said it expects currency-neutral revenues to decline at a
mid-single-digit rate in 2023 and its underlying operating profit
to be around the break-even level.
It said it expects to book an operating loss of EUR450 million
in 2023, compared with a previous estimate of EUR700 million from
the potential write-off of the remaining Yeezy inventory and
one-off costs.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
July 24, 2023 13:12 ET (17:12 GMT)
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