Adidas 'optimistic' as Q1 sales beat expectations

Analysts expected sales to fall by 4% from the first quarter of 2022, according to consensus estimates compiled by Adidas. Adidas reported a small operating profit of 60 million euros ($66.26 million) and a lower gross margin of 44.8% due to supply chain costs and increased discounting.

Adidas' first quarter was better than expected, the company said on Friday, with sales down 1% compared to the same period last year, as investors hope for the German sportswear giant to turn its fortunes around. Analysts expected sales to fall by 4% from the first quarter of 2022, according to consensus estimates compiled by Adidas.

Adidas reported a small operating profit of 60 million euros ($66.26 million) and a lower gross margin of 44.8% due to supply chain costs and increased discounting. Adidas, which last year ended a lucrative partnership with Ye, the rapper formerly known as Kanye West, gave no update on what it plans to do with its stock of unsold Yeezy shoes. ($1 = 0.9055 euros)