Bankinter| Adidas loses the contract as supplier to the German Football Association (DFB) to Nike from 2027 until 2034. ADR falls -4.6% in NY. Adidas has been the official sponsor of the DFB for 77 years; its contract expires at the end of 2026. The DFB explains that Nike’s financial offer was the best “by far”. Some media reports suggest it could have been as much as €100m/year. Analysis: If…
Banc Sabadell| Adidas announced better preliminary 3Q23 results with LfL sales growth of +1% (-6.4% reported against -7.6% consensus) and EBIT of €409m (-27.5% against -53.5% consensus), thanks to a better gross margin evolution (c.+20 bps in 3Q23), Yeezy sales and a better-than-expected evolution of the rest of the businesses. All this allows them to raise again the 2023 guidance to a low single digit LfL decline in sales (as…
Norbolsa : The company publishes pre-announced results. It registers an operating loss in Q4 of €724M due to the effect of breaking the agreement with the rapper Kanye West and with sales in China falling by 50% in the quarter. Gross margin was 39.1%, affected by higher supply costs and higher discounts. It estimates an operating loss of €700m in 2023 due to inventory provisions and extraordinary costs. It considers…
MADRID | The Corner | The Western stock indexes closed yesterday with prominent drops, reaction for which there was not a single trigger, but the sum of the various concerns that have been accumulating in recent days. The negative tone was maintained throughout the day, closing both European and U.S. stock markets near daily lows. It is important to emphasize the volatility increases, measured by the VIX index, which has reached its highest level of the last three months.