LONDON (Reuters) – Shares in Adidas gained 4% at the open on Wednesday after the sportswear firm raised its guidance for the year in a surprise third-quarter results pre-release.
Adidas said it now expects a loss of 100 million euros ($106 million) this year versus a previously expected loss of 450 million and a loss of 700 million euros it warned of in February.
It’s the second time this year Adidas has raised guidance ahead of results as sales of its remaining stock of Yeezy shoes help boost revenue. Full results are expected on November 8.
(Reporting by Helen Reid; editing by Jason Neely)
