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CONSUMER CYCLICALS: Adidas; FY24 pre-lim results

CONSUMER CYCLICALS

(A3/A-; Stable) 

  • FY revenues were up +12% and +11% net of FX.
  • Gross margins end at 50.8% (+330bps)
  • EBIT ends at €1.3b (5.6% margin)

At a time when once-household German names are struggling, Adidas has stood firm emerging from the woes that Ye, formerly Kanye West, left in his controversy. It started the year guiding to €500m and the stock is +160% from late- 2022 lows.

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(A3/A-; Stable) 

  • FY revenues were up +12% and +11% net of FX.
  • Gross margins end at 50.8% (+330bps)
  • EBIT ends at €1.3b (5.6% margin)

At a time when once-household German names are struggling, Adidas has stood firm emerging from the woes that Ye, formerly Kanye West, left in his controversy. It started the year guiding to €500m and the stock is +160% from late- 2022 lows.

Keep reading...Show less