On Friday, Adidas (ADSGn.DE) reported better-than-expected first-quarter revenues, down 1% from last year. However, investors believe the German sportswear giant can turn its fortunes around.
Adidas’ average projections predicted a 4% revenue decline from the first quarter of 2022.
Due to supply chain expenses and increased discounting, Adidas’ operating profit was 60 million euros ($66.26 million), and its gross margin was 44.8%.
Adidas, which concluded a profitable deal with Ye, previously Kanye West, last year, did not update its intentions for unsold Yeezy sneakers.
