Adidas Raises 2024 Profit Forecast Following Strong Q1 Performance

The German sportswear giant boosts its profit outlook due to robust Yeezy sales and high demand for classic models like the Samba.

Adidas now projects a 2024 operating profit of $745 million, up from an earlier forecast of $532 million, following a successful first quarter.
The latest Yeezy drops contributed significantly to the revenue, with recent sales generating $159 million.
Despite ending its partnership with Ye, Adidas continues to benefit from selling off remaining Yeezy stock, expecting further sales of $213 million.
The company also reports a surge in demand for classic sneakers such as the Samba, enhancing its market position.
Shares of Adidas surged following the announcement, reflecting investor confidence in the company's revised forecasts.