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Adidas: back in the black in Q1

( - adidas has announced Q1 net sales of E5,458m, up 3.
5% y-o-y.
Operating profit soared to E336m, compared with just E60m twelve months earlier, a more than fivefold increase.

adidas thus posted net income, group share of E170m, a far cry from the E39m loss in Q1 2023, giving EPS of E0.96, compared with -E0.18 a year ago.

adidas expects its revenues to grow at a 'mid to high' single-digit rate in 2024, whereas the firm has been targeting a 'mid' single-digit rate until now.

Adidas also expects the remaining Yeezy stock to be sold on average at cost, resulting in sales of around E200m over the rest of the year.

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