adidas AG Reports Strong First-Quarter Operating Profit Growth, Beating Forecasts

Deep News04-29 14:20

German sportswear giant adidas AG announced on Wednesday that its first-quarter operating profit exceeded expectations, driven by robust consumer demand. This performance came despite the company's CEO, Bjørn Gulden, describing the retail environment as "highly volatile and heavily discounted," particularly within the athletic footwear segment.

adidas AG stated that despite sales declines in some countries due to the conflict in the Middle East, the group's net sales still grew by 14% on a currency-neutral basis, reaching 6.6 billion euros ($7.7 billion).

The company indicated it is strictly managing the volume of goods supplied to retailers to avoid the necessity of discounting its footwear products.

Its American competitor, Nike, said earlier this month that it was "aggressively" implementing price cuts to clear unsold inventory.

adidas AG's operating profit for the first quarter increased by 16% to 705 million euros. This figure surpassed the 647 million euros forecast by an analyst survey commissioned by the company and was higher than the 610 million euros reported in the same period last year.

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