adidas Raises 2024 Profit Projections After Successful Yeezy Drops
The company made $159 million USD on the last drop.
Just last month, adidas documented its first annual loss in more than 30 years but fortunately, circumstances now seem to be looking up with revenues up 8% from that same time last year.
The company has issued a surprise announcement after “better-than-expected performance” during its first quarter. Previously, adidas had estimated around $532 million USD (€500 million EUR) for its 2024 operating profit, a number now hiked to $745 million USD (€700 million EUR).
The increased expectations were attributed to adidas’ Yeezy sales. Since terminating its partnership with Ye, the company has been selling off its remaining stock in limited drops, releasing just a few silhouettes and colorways at a time.
Its last drop in March generated $159 million USD (€150 million EUR), generating the company an operating profit of $53 million USD (€50 million EUR).
Based on its success offloading Yeezy in the past few months, adidas is anticipating that future drops will perform just as well, foreshadowing additional sales of around $213 million USD (€200 million EUR) in the upcoming months.
