(News Bulletin 247) – adidas will announce its results for the 2nd quarter of 2023 on August 3, 2023. Stifel expects a rebound in China but a difficult North American market. The analyst remains to keep on the value with a target of 145 E.
‘Excluding Yeezy, we estimate that Adidas sales in North America slowed sequentially from minus 5% in 1Q23 to a decline of more than 15% in 2Q23. Nike recorded a growth of 5% during its 4th quarter 23 at the end of May ‘says the analyst.
‘ Like Nike and Puma, Adidas has not yet benefited in 2Q23 from a change in certain unfavorable factors on gross margin (freight, raw materials, supply chain costs) and penalizing factors on coverage and renegotiation of the freight ‘adds Stifel.
The analyst estimates that gross margin momentum should become more favorable by Q4 23 at the latest.
‘Among the German competitors, we see greater upside potential for Puma (on the buy side) following a much steeper discount (than for adidas)’ adds Stifel.
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