MNI BRIEF: PBOC Increases Gold Reserves

MNI BRIEF: Japan Q3 GDP Revised Up On Net Exports, Capex

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

MNI China Daily Summary: Friday, December 6

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Adidas (A3, A-; double neg) {ADS GY Equity} 1Q Prelim Results

CONSUMER CYCLICALS

ADSGR curve always has and still does trade tight but as a aside for read-through to retail conditions it has reported strong prelim 1Q results.

  • 1Q constant currency growth was +8% yoy (vs. c3.5%) leaving revenue at €5.46b (vs. c€5.26b) - strong beats here.
  • Gross margin improved 6.4ppt over the qtr to 51.2% over qtr - again strong beat on consensus 47.1%.
  • Its bumped FY guidance on above to constant currency growth in mid-to-high single digits (previously mid single digits, consensus at 7.3%) and company operating profit to €700m (prev. €500m, c€870m).
  • It's noted Yeezy drops in Q1 totalled €150m in sales at operating profit of €50m despite it guiding to 'at cost sales' - that guidance is left unchanged on remaining €200m inventory.

Adidas equities closed but Nike & Foot Looker did spike on the results.

Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.