OREANDA-NEWS One of the world's leading manufacturers of sporting goods, adidas AG, has improved forecasts for key financial indicators for 2023 amid a reduction in stocks of unsold goods.

The operating loss in the current year is expected to be 100 million euros instead of the previously expected loss of 450 million euros. The basic operating profit, excluding one-time factors and write-offs, will amount to 100 million euros, whereas previously it was expected that the figure would be about zero.

Write-offs in connection with the Yeezy brand this year will amount to about 300 million euros (the previous forecast is 400 million euros).

Revenue excluding exchange rate fluctuations is expected to decrease by 1-3% (low-single-digit range), whereas previously it was expected to decrease by 4-6%.

The company also submitted preliminary reports for the third quarter. According to its estimate, operating profit in July-September decreased to 409 million euros from 564 million euros a year earlier. Quarterly revenue decreased by 6%, to 6 billion euros. Excluding currency fluctuations, revenue increased by 1%.

The final statements for the third quarter will be published on November 7.

Adidas shares are up 3.9% in trading on Wednesday. Since the beginning of the year, the company's capitalization has jumped by almost 40%, to 29 billion euros.