Adidas expects to sell its remaining Yeezy inventory at average cost, adding around €50m in sales, with no further contribution in the fourth quarter (Q4). Credit: Shutterstock.

adidas has reported a robust Q3 2024 with currency-neutral revenues up 10% year-on-year. In euro terms its revenues grew 7% from €6bn ($6.54bn) to €6.44bn. Excluding the impact of Yeezy sales, currency-neutral revenues increased by 14% for the quarter.

The brand’s operating profit surged from €409m to €598m, bolstered by around €50m from the partial sale of its remaining Yeezy inventory.

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This growth has prompted Adidas to revise its full-year guidance, which it believes reflects the “better-than-expected” performance during the quarter and its current brand momentum.

Adidas now expects currency-neutral revenue growth of around 10% in 2024, up from its previous single-digit estimate. Operating profit is also projected to reach €1.2bn, surpassing its earlier estimation of around €1bn.

Within its guidance, Adidas anticipates selling its remaining Yeezy inventory at average cost throughout the year, projecting additional sales of around €50m with no further contribution in the fourth quarter (Q4).

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GlobalData associate apparel analyst Alice Price tells Just Style exclusively the upped guidance “comes as it continues to benefit from the success of its lifestyle footwear lines with its Samba, Gazelle, Spezials, Campus, and SL72 styles remaining highly south after.”

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She adds: “While its apparel proposition experienced a notable uplift last quarter, rising 6%, it remains to be seen if it will manage to maintain this momentum.”

In July Adidas upped its full-year outlook following increased sales and profits in the second quarter (Q2). However, an industry expert noted at the time that North America’s 7.7% sales decline signalled the loss of Yeezy continued to affect the brand’s desirability in the region.

In August Adidas admitted it had made a mistake with its SL72 marketing campaign with an industry expert telling Just Style at the time it served as a reminder to other fashion brands to be “extra cautious” moving forward.

The brand chose to use supermodel Bella Hadid to model the shoe, which was launched to coincide with the 1972 Olympics. An official Israel account on X criticised their model choice due to her being “half-Palestinian” as it stated that 11 Israelis were murdered by Palestinian terrorists during that Olympics.

However, the brand reassured investors at the time that the mistake had no impact on current trading.

More recently, the brand announced a shakeup in its sourcing executive division following the departure of Martin Shankland, executive board member for global operations.