Adidas AG (GER30:ADS) shares rose after the company’s Christmas sales were boosted.
ADS – Weekly Chart
The price of ADS has rallied to 262 euro after the latest sales data with the 300 level now in sight and the highs near 318 a larger target.
Strong festive demand and increased sales of the company’s “classic” trainers boosted Adidas’ profits in the final quarter of 2024, sending shares up 7.6% on Wednesday.
The German sportswear giant reported an operating profit of €57 million for the three months, improving on a -€377 million loss in the final quarter of 2023. Adidas said the growth was driven by fashion and sports performance shoe ranges with strength in all regions.
The group’s performance marked a rebound from a tough 2023 which led to the end of its Yeezy partnership and competition in running shoes. The group appointed a new chief executive from rival Puma and demand has surged for the Samba and Gazelle trainer. Adidas delayed the release of new products to cope with demand.
The earnings results helped Adidas to outperform the broader market, with the GER 30 index up 0.82% on Wednesday. ECB President Christine Lagarde has an overnight speech that could move European markets and currency pairs ahead of the Thursday session.
