(Reuters) – Sportswear giant Adidas lifted its full-year revenue forecast on Tuesday, citing Yeezy shoe sales and a stronger core business.
The German company said it now expects an operating loss for 2023 of around 100 million euros ($105.88 million), from a previously expected 450 million euros.
“While the company’s performance in the quarter was again positively impacted by the sale of parts of its remaining Yeezy inventory, the underlying Adidas business also developed better than expected,” the company said.
Adidas shares have gained 34% this year as investors became more confident in a turnaround guided by CEO Bjorn Gulden who took the reins on Jan. 1.
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(Reporting by Tristan Veyet and Ozan Ergenay in Gdansk; Editing by Susan Fenton)
