RE: DKS earnings release Thursday13 Mar 2024 07:56
Adidas have exceeded their expectation and are looking forward to olympics paralympics eurs and copa. Highlights;
Major developments FY 2023
Currency-neutral sales flat versus prior year; significantly above initial expectations
Top-line development reflects conservative sell-in, focus on full-price business, and lower Yeezy sales
Gross margin up 0.2pp to 47.5%, due to better business mix and lower freight costs; largely offset by significant negative FX effects, higher product costs, and higher discounting
Operating profit of € 268 million almost € 1 billion better than initially expected
Inventories improve strongly to € 4.5 billion, down almost € 1.5 billion year-over-year
Executive and Supervisory Boards propose dividend of € 0.70 per share
Think we should get about 5p lift from this.