Adidas upped its full-year guidance as it shared better than expected earnings in a surprise Q3 results pre-release.
The sportswear company predicts a £85m loss for the year, down from the previously forecast £382.5m loss and £595m loss it expected in February.
The improved earnings were helped by sales of the business’s remaining Yeezy stock, after it ended its partnership with rapper Ye over his antisemitic comments.
Shares in the retailer nudged up 4% today as a result of the announcement.
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The news makes it the second time Adidas has increased forecasts before its results, which are expected to come out on 8 November.
Berenberg analyst Graham Renwick said: “When Bjorn Gulden took over in January he effectively kitchen-sinked guidance, and I believe they were already building in very cautious guidance for Europe, U.S., and China, so there is still scope for Adidas to positively surprise particularly with this hot product cycle.”
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