adidas raised its full-year targets on Wednesday, following a better-than-expected performance in the second quarter thanks to the success of its lifestyle range, less reliance on promotions and lower costs.

The German sports equipment maker's operating profit reached 346 million euros in the April-June period, compared with 176 million a year ago.

Gross margin at group level reached 50.8%, compared with 50.9% a year earlier, but the company says it benefited from a strong improvement in the margin of the adidas brand itself.

Quarterly sales rose by 9% to 5.82 billion euros, including 11% growth at constant exchange rates.

For 2024, adidas now expects sales growth at constant exchange rates to be close to, but below, 10%, compared with a previously announced forecast of over 5%.

The company also expects full-year operating profit to be in the region of one billion euros, instead of 700 million euros.

Following this announcement, the share price climbed over 4%, making it one of the strongest performers on the pan-European STOXX 600 index.

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