FRANKFURT (Reuters) -Sporting goods company Adidas on Tuesday raised its 2024 earnings guidance after a better than expected performance during the first quarter.
In an unscheduled announcement, the company said it now expects full-year operating profit of about 700 million euros ($743.96 million), up from 500 million euros predicted previously.
It said quarterly operating profit reached 336 million euros, up from 60 million a year earlier, when it was hit by the break-up with Kanye West and the discontinuation of its Yeezy business.
Adidas further said it sold another 150 million euros worth of Yeezy products in the quarter, for an operating profit of around 50 million euros.
More of Yeezy inventory would likely be sold for about 200 million euros during the remainder of the year, but without any further profit contribution, it added.
($1 = 0.9409 euros)
(Reporting by Ludwig BurgerEditing by David Goodman and David Evans)
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