Adidas shares advanced on Wednesday as the apparel maker boosted its full-year guidance.
rose 4% as the company pre-released its third-quarter numbers, reporting a 27% decline in operating profit on a 6% fall in revenue. Adidas said its results were helped by selling its remaining Yeezy inventory, as well as a “better than expected” performance of its underlying business.
Adidas said it’s now forecasting adjusted operating profit of around €100 million for the year, vs. previous guidance of break even, on a low-single digit decline in currency-neutral revenue, vs. a previous estimate of a mid-single-digit decline.
Analysts at Stifel say the implied guide for the fourth quarter is “highly conservative.” “From one company to another, [Adidas CEO] Bjorn Gulden has pursued a guide low/beat-and-raise communication strategy even since FY22 results,” said the analysts. Shares of Gulden’s former company, Puma
Also rising were shares of Just Eat Takeaway
as the delivery service company’s stock gained 7% after boosting guidance and launching a €150 million stock buyback, while ASML Holding
shares fell 5% as the chip equipment maker’s orders came in far below consensus estimates.
was slightly stronger after U.K. CPI, both at a headline and core level, came in a tenth higher than estimates.