Consumer
Adidas Is Seeing Hot Demand for Sambas and Yeezys
- New 2024 profit target remains short of analyst estimates
- CEO Gulden isn’t banking on more profits from Yeezy footwear
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Adidas AG raised its profit target for the year amid strong demand for classic sneakers like the Samba and a boost from sales of its diminishing stockpile of Yeezy footwear. The shares gained.
The German sportswear company now expects to generate operating profit of around €700 million ($743 million), according to a statement. That’s an increase from the previous target of €500 million, but it still trails analysts’ average estimate of €871 million.