Adidas reports gross margin improvement (+20 bps) in preliminary results, thanks to positive destocking management
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…