Adidas Q2 2024 preliminary results: Adidas today announced preliminary results for the second quarter of 2024. The company’s currency-neutral revenues increased 11% compared to last year. The gross margin reached 50.8%. Profit increased to €346 million from €176 million. The company increased its full-year guidance due to strong performance. Adidas now expects currency-neutral revenue to increase at a high-single-digit rate.
Adidas Q2 reported better-than-expected results for 2024, signaling a positive momentum for the brand and potential implications for the broader footwear industry.
Adidas Q2 Preliminary Results 2024:
The strong revenue growth increased, Currency-neutral revenues increased by 11% compared to Q2 2023, demonstrating strong demand for the brand’s products. Meanwhile Currency-neutral revenue increase (excluding Yeezy) increased 16%.
The company’s gross margin reached 50.8%, slightly lower than 50.9% in 2023 due to the smaller Yeezy business. Underlying Adidas Q2 gross margin improvement: Driven by better sell-throughs, reduced discounting, lower sourcing costs, and a more favorable category mix.
Operating profit increase and reached €364 million, including a €50 million contribution from the sale of parts of the Yeezy inventory.
Overall, Adidas had a better-than-expected second quarter, leading them to increase their full-year guidance. The company’s strong performance is attributed to the underlying Adidas business, with improved profitability and growth across various product categories.