Adidas increased its full-year guidance for the second time in three months this year in the latest confirmation that its chief executive’s turnaround plan was gaining pace.
The sportswear group now expects operating profit at €1bn for the full year compared to an earlier guidance of €700mn. Full year sales adjusted for currency swings are forecast to rise by high-single digits, compared to the previous guidance of a “mid to high single-digit rate”, it said.
Under chief executive Bjørn Gulden, who was poached from Puma in early 2023, Adidas has been increasing distribution through independent retailers, scaling down attempts to control a greater share of its sales to consumers. The company has also been benefiting from the popularity of its Samba and Gazelle sneakers, which have turned into fashion icons.