Global sportswear giant Adidas has increased its full-year profit guidance after its performance exceeded expectations in the first quarter of 2024.
In the three months to April, Adidas posted an 8% increase in sales in terms of constant currency, while like-for-like sales improved 4% to €5.45bn (£4.66bn) in the same period.
Operating profit rose to €336m (£286.6m) in the first quarter from €60m (£51.19m) during the same time last year.
Adidas said Yeezy sales contributed to around €150m (£127.9m) in revenue and an operating profit of €50m (£42.6m) in the first quarter. However, in the full year 2024, the retailer expects Yeezy sales to earn €200m (£170.6m) in sales without any profit contribution.
The sportswear giant increased its full-year profit guidance as a result of its “better than expected” performance during the quarter. Adidas now anticipates currency neutral sales to increase at a “mid to high single-digit rate in 2024” as opposed to the earlier guided mid single-digit rate.
The retailer’s operating profit is expected to reach around €700m (£597.2m), rising above the previous guidance of around €500m (£426.6m).
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