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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.

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