(News Bulletin 247) – UBS reiterates its advice to buy on the stock with a target of 216 E following the announcement of preliminary results for the second quarter of 2023.
adidas published its 2nd quarter results with sales figures of 5,343 million euros, up +6% compared to forecasts of 5,055 million euros (+4% compared to UBSe at 5,118 million euros). Q2 EBIT was €176m (consensus €-79m, UBSe’s forecast €10m), with an EBIT margin of 3.3% (consensus -1.6%).
Including the positive impact of Yeezy’s first decline, the potential write-off of remaining Yeezy inventory of €400 million (previously: €500 million), and one-off strategic review costs of up to €200 million (unchanged), the company now expects to report an operating loss of €450 million in 2023 (previously: loss of €700 million).
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