Adidas shares surpass two-year high
STORY: Adidas shares soared more than 8% on Wednesday (April 17) and hit their highest level in over two years.
Investors bought in after the German sportswear giant released positive quarterly results on Tuesday.
Adidas revealed it had a better than expected first quarter, and raised its profit outlook for the year on strong demand for its sneakers.
It now expects full-year operating profit of about $744 million, up from around $532 million previously forecast.
Adidas said quarterly operating profit reached $357.3 million, up from $63.8 million a year earlier.
Back then, it was hit by the break-up with Kanye West and the discontinuation of its Yeezy business.
The upbeat comments about the year ahead come a month after Adidas posted its first annual loss in more than three years.
It warned then that sales in North America would fall again as sportswear retailers struggle with high inventories.
But after a positive first quarter, analysts said growth was being driven by strong demand momentum in "terrace" retro styles.
Under CEO Bjorn Gulden, the firm has aimed to clear its remaining stock of Yeezy, while trying to boost its popular retro styles.
One analyst called the first quarter revenue performance 'impressive'.
They added all regions were likely positive, including North America.
Market watchers still viewed Adidas' guidance for operating profit as conservative.
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