Adidas shares rise 5% after hiking 2024 guidance

A Samba shoe on Oct. 12, 2023, in Berlin, Germany.

Thomas Trutschel | Photothek | Getty Images

Shares in Adidas rose on Wednesday after the company announced it would hike its full year 2024 earnings guidance following better-than-expected preliminary results for the second quarter.

Adidas was last up 4.72% at 8:19 a.m. London time.

The German sportswear company on late Tuesday said it was now expecting its operating profit to reach around 1 billion euros ($1.09 billion) across full-year 2024, up from the previously expected 700 million euros.

Adidas said its revenues rose 11% in the second quarter, compared to the previous year.

This is a developing story and will be updated.

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